Odisha Banks Asked to Boost Credit Flow to Support Inclusive Economic Growth

Bhubaneswar: The Odisha government has called upon banks to expand credit support to agriculture, MSMEs and women-led enterprises while improving access to banking services in rural areas to support the state’s goal of becoming a major economic hub in eastern India.

The call came at the 184th State Level Bankers’ Committee (SLBC) meeting held in Bhubaneswar on September 5 to review the performance of the banking sector up to June 2026 and chalk out priorities for the current financial year.

Development Commissioner-cum-Additional Chief Secretary Deoranajan Kumar Singh, who chaired the meeting, urged banks and district administrations to work closely to achieve the targets under the Annual Credit Plan 2026-27 and contribute to the vision of Samruddha Odisha 2036 and Viksit Bharat 2047.

Singh highlighted Odisha’s economic potential, noting that the state’s mineral resources, including iron ore, chromite and bauxite, provide scope for greater value addition. He also pointed to the state’s 575-km coastline as an opportunity for tourism, port-led growth and industrial development.

He said Odisha is simultaneously focusing on building a skilled and productive workforce through skill development programmes. With several national and international institutions showing interest in investing in the state, Odisha is preparing to strengthen its position as a leading economic centre in eastern India.

A key focus of the meeting was improving access to institutional credit for priority sectors, particularly agriculture and allied activities, MSMEs and other productive sectors. Banks were advised to work towards effective implementation of flagship schemes, including PMJDY, PMJJBY, PMSBY, APY, PMFBY, PM Surya Ghar, PMEGP, PMFME and Mukhyamantri Krushi Udyog Yojana.

The meeting also placed special emphasis on women-led economic development. Banks were urged to provide greater credit support to women entrepreneurs and facilitate the transition of women from Self-Help Groups (SHGs) to small and medium enterprises.

Officials highlighted the growing number of Lakhpati Didis in Odisha as an important indicator of women’s economic empowerment and said greater access to formal finance could help women-led enterprises scale up.

Finance Department Principal Secretary Sanjeeb Kumar Mishra stressed the role of banks in ensuring effective implementation of major welfare and development schemes of both the Centre and the state. Detailed discussions were held on the Annual Credit Plan, with emphasis on ensuring adequate credit flow to priority sectors.

Joint Secretary, Department of Financial Services, Government of India, Shalini Pandit called for concerted efforts to improve Odisha’s Credit-Deposit (CD) ratio and bring it closer to the national average. She also appreciated the state’s performance in implementing the Atal Pension Yojana.

The meeting further called for expansion of the banking network and better access to financial services in rural and underserved areas. Banks were also advised to take steps to return funds lying in Depositor Education and Awareness Fund (DEAF) accounts to eligible individuals and government offices.

Senior officials from the Finance, Agriculture & Farmers’ Empowerment, Women & Child Development, MSME and Mission Shakti departments, along with representatives of RBI, NABARD, UCO Bank, SLBC and various banks, attended the meeting.