Odisha Banks Asked to Align Credit Growth with State’s Development Vision

Bhubaneswar: Odisha’s banking and financial institutions have been asked to play a more proactive role in supporting the state’s economic transformation by expanding credit access to emerging sectors and underserved areas, with particular emphasis on entrepreneurship, services and rural development.

The direction came during the 183rd State Level Bankers’ Committee (SLBC) meeting for the quarter ended March 2026, held in Bhubaneswar under the chairpersonship of Chief Secretary Anu Garg.

Reviewing the state’s banking performance and credit flow, the Chief Secretary stressed that lending priorities should be aligned with Odisha’s long-term development goals outlined in the state’s Vision Document. She identified tourism, agri-entrepreneurship, deep-sea fishing, food processing and other high-growth sectors as key areas requiring greater financial support.

Garg noted that the service sector is expected to play a significant role in the next phase of Odisha’s economic growth and urged banks to increase lending to service-based enterprises. She also called for strengthening Ease of Doing Business initiatives to facilitate investments and create a more enabling environment for entrepreneurs.

Highlighting the importance of inclusive growth, the Chief Secretary said women entrepreneurs should receive greater institutional support. She encouraged banks to help successful Self Help Groups (SHGs) scale up into micro, small and medium enterprises, thereby creating stronger livelihood opportunities and local employment.

Calling for closer coordination among stakeholders, she urged controlling offices of banks, Lead District Managers, government departments and district administrations to work together to achieve credit targets and ensure that financial services reach all sections of society.

Advocating a more investor-friendly approach, Garg said financial institutions should move towards a “red carpet” culture that encourages enterprise creation and economic activity through timely and hassle-free credit delivery.

Principal Secretary, Finance Department, Sanjeeb Kumar Mishra emphasized the need for complete adoption of Central Know Your Customer (CKYC) norms to improve customer convenience and strengthen the banking ecosystem.

Joint Secretary, Department of Financial Services, Government of India, Shalini Pandit highlighted the importance of improving Odisha’s Credit-Deposit Ratio and bringing it closer to the national average. She urged banks to intensify efforts to enhance lending across sectors and regions.

The Regional Director of the Reserve Bank of India also called upon banks to strengthen their rural outreach and expand banking infrastructure in underserved areas to further deepen financial inclusion.

The meeting was attended by senior officials from the Government of Odisha, the Department of Financial Services, Reserve Bank of India, NABARD, UCO Bank and other financial institutions. Secretaries and senior officers from departments including Tourism, Agriculture and Farmers’ Empowerment, Handlooms, Textiles and Handicrafts, MSME and Mission Shakti also participated in the deliberations.

Top-performing banks and districts were felicitated during the meeting for their achievements in credit delivery, financial inclusion and banking outreach.