Hyderabad, Oct 15 (INN): Dr. Raghuram Rajan, Governor, Reserve Bank of India complimented Chief Minister K Chandrashekar Rao and the Telangana Government saying that he was very much impressed by what the government has done during the last few months. He was responding to the Chief Minister who mentioned that theirs is the youngest state in the country and needs RBI support.
The RBI Governor called on the Chief Minister on Wednesday morning at the Secretariat along with a team of senior officers of RBI.
It was brought to the notice of the RBI Governor that on par with the farming sector the bank needs to have a specific look at semi sector. The Governor was requested to have a special view on Micro and Small Enterprises (MSEs).
Responding to the request the Governor said that they are trying to expand the scope of the RBI and want to start a Receivable Finances system through which they would consider supporting MSEs.
The Governor has agreed that MSEs need special attention and towards this direction they are going to license small banks who will be asked to lend support to MSEs.
The RBI Governor was also informed by KCR that theirs is a new state and concentrating on Industrialisation. He said that the Government was coming out with the best of the Industrial Policy with a chasing cell in CMO.
Towards this, the government has earmarked two to three lakhs of acres of land where infrastructural facilities are being developed.
KCR requested the RBI Governor to consider funding to develop industrial estates in the state. Responding to this positively the Governor said that assistance from their side will be considered and the Telangana Government can feel free to approach the Bank as and when required and they will do their best to the new state Telangana.
When brought to the notice of the RBI Governor that the bankers are not pushing the way they are supposed to do with regards fresh farm loans to the farmers, the Governor said that he will look into it and soon the issue will be sorted out. Funding for the restoration of tanks in the Telangana State was also discussed.
The Chief Secretary mentioned it would require about Rs 25,000 crores for restoration of tanks and requested the RBI Governor to explore the possibilities of refinancing through NABARD for which the Governor said that the bank would create a window for rural infrastructure and under that funding for restoration of tanks could be considered.
The Chief Minister told the Governor that improvement of Green cover should also be financed by banks. He also said that Hyderabad is treated as one of the top industrial destinations and as such more and more people are looking at Hyderabad for establishing industries. He also told the Governor that on completion of three years the state will be power surplus state.
The Reserve Bank Governor said that any support required from bank would be positively considered and everything that is possible would be done.
