Naidu unveils ₹8.10 lakh crore credit plan, calls for action against digital financial frauds
Andhra Pradesh Chief Minister N. Chandrababu Naidu on Friday unveiled the State’s Annual Credit Plan for 2026-27 with a projected credit outlay of ₹8.10 lakh
Andhra Pradesh Chief Minister N. Chandrababu Naidu on Friday unveiled the State’s Annual Credit Plan for 2026-27 with a projected credit outlay of ₹8.10 lakh crore and called upon banks to strengthen efforts to combat cybercrime and digital financial frauds. Addressing the 235th State Level Bankers’ Committee (SLBC) meeting at the State Secretariat in Amaravati, the Chief Minister said the State government expected banks to play a key role in supporting economic growth, entrepreneurship and employment generation. There is a need to strengthen credit flow to the Micro, Small and Medium Enterprises (MSME) sector, a major driver of industrial growth and job creation.
The banks have to extend timely financial assistance to entrepreneurs and startups, he said, noting that initiatives such as the Ratan Tata Innovation Hub were helping create a vibrant innovation ecosystem in the State. SOPs to check cyber fraud Expressing concern over the rise in cybercrime, the Chief Minister said victims of digital frauds often suffered heavy losses due to delayed responses. The banks have to take proactive measures to curb digital financial crimes and work towards achieving ‘zero digital financial frauds' in the State, he said, and called for the formulation of a special Standard Operating Procedure (SOP) to tackle cyber frauds, including the growing menace of digital arrest scams.
The banks have to establish Central Transaction Monitoring Cells to identify suspicious transactions and prevent fraud at an early stage, he said and called for extensive public awareness campaigns to educate people about emerging cyber threats. In a significant announcement, Mr. Naidu said the State government was prepared to provide an additional four
per cent interest subsidy on education loans as a supplement to the PM Vidyanidhi scheme, benefiting students pursuing higher education. Chief Secretary G. Sai Prasad, Director, Union Ministry of Finance Neelam Agrawal, RBI Regional Director A.O. Basheer, NABARD General Manager K.V.S. Prasad, ST Commission member Sunil Kumar Babu and banking sector officials were present.
The BriefWire