Rs 5.5 -cr loans distributed under PM Mudra Yojana in Lahaul-Spiti till September

A district-level review meeting was convened at the office of the Deputy Commissioner of Lahaul and Spiti at Keylong to evaluate the progress of the Annual Credit Plan for the fiscal year 2024-25, focusing on results until September.

The meeting was chaired by DC Rahul Kumar. The meeting assessed the progress of various government poverty alleviation schemes implemented by banks in the district, and reviewed the status of loan disbursements under the Annual Credit Plan for the current fiscal year.

The primary focus was on the Pradhan Mantri Mudra Yojana (PMMY), the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Atal Pension Yojana (APY).

Under the Pradhan Mantri Mudra Yojana, a total of 175 applications were approved, with loans amounting to Rs. 5.58 crore distributed up to September 2024.

This was an increase compared to the previous quarter, when Rs 3.38 crore had been distributed.For the Annual Credit Plan, the district had set a target of Rs 144 crore for the financial year 2024-25.

By the end of the second quarter, Rs 82.4 crore had been disbursed, achieving 57.33 per cent of the annual target. In terms of agricultural loans, Rs 61.65 crore had been disbursed out of the Rs. 112 crore allocated under the Annual Agriculture Loan Scheme.

Additionally, loans worth Rs 15.79 crore had been distributed under the Small and Medium Enterprise (SME) Loan Scheme, out of the planned Rs 23.6 crore.

The Priority Sector Loan target of Rs 7.5 crore had been met with 66.13 per cent achievement, as Rs 4.96 crore had been disbursed by the end of the second quarter.

The Credit-Deposit (C-D) ratio for banks in the district stood at 26.30 per cent by the end of the second quarter, and efforts were urged to increase this to 30 per cent by the next quarter.

All banks, including private sector banks, were directed to explore opportunities for boosting their loan disbursements. The Deputy Commissioner emphasised the importance of increasing awareness about government welfare schemes, particularly the Pradhan Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension Yojana. He said these low-premium life insurance schemes were critical for the financial security of the poor and would help their families during the difficult times.

Additionally, the DC urged banks to focus on ensuring that the benefits of these schemes reached eligible beneficiaries. The DC asked banks to organise awareness campaigns in rural areas, particularly in gram sabhas.

He also directed bank representatives to make concerted efforts to enhance their contribution to the district’s economic development by providing loans to priority sectors. By the end of the second quarter, the district had registered 5,673 beneficiaries under the Pradhan Mantri Jeevan Jyoti Bima Yojana, with 425 new beneficiaries enrolled in the last quarter.

Similarly, 13,337 people were enrolled under the Pradhan Mantri Suraksha Bima Yojana, including 768 new beneficiaries.

Under the Atal Pension Yojana, 125 new beneficiaries were added, bringing the total number of participants in the scheme to 2,535. Assistant Commissioner Sankalp Gautam, Project Officer of the District Rural Development Agency Parul Katiyar, District Development Manager of NABARD Anita Devi, and representatives from various banks were among those present at the meeting.

The review meet concluded with a call to further enhance financial inclusion and ensure that government schemes effectively reached the most deserving sections of society.