Andhra Pradesh targets zero digital financial frauds

Unveils Rs 8.10 lakh crore credit plan

Metro India News | AMARAVATI

Chief Minister N. Chandrababu Naidu has directed banks operating in Andhra Pradesh to take proactive measures to curb digital financial frauds and cyber-enabled crimes, stressing the need for a comprehensive Standard Operating Procedure (SOP) to tackle emerging threats such as digital arrests and online scams.

Addressing the 235th State Level Bankers’ Committee (SLBC) meeting at the Secretariat, the Chief Minister released the Annual Credit Plan for 2026-27, which envisages credit disbursement of Rs 8.10 lakh crore across various sectors of the state’s economy.

Under the plan, Rs 5.40 lakh crore has been earmarked for priority sectors and Rs 2.70 lakh crore for non-priority sectors. Agriculture has been allocated Rs 3.60 lakh crore, including Rs 2 lakh crore in crop loans, while Rs 10,693 crore has been earmarked for farm mechanisation. The MSME sector will receive Rs 1.55 lakh crore, including Rs 70,000 crore for micro-enterprises. Housing loans worth Rs 11,500 crore and education loans worth Rs 2,500 crore have also been planned.

Emphasising the importance of entrepreneurship and innovation, Chandrababu Naidu urged banks to extend greater support to MSMEs, startups and emerging enterprises. He said initiatives such as the Ratan Tata Innovation Hub and the government’s “One Family-One Entrepreneur” programme would create a new generation of wealth creators and job providers in the state.

The Chief Minister proposed the formation of a joint committee involving bankers and government officials to monitor loan disbursement and address issues related to non-performing assets (NPAs). He also called for enhanced financial support to sectors such as aquaculture, dairy, renewable energy and fisheries.

In a major announcement for students, Naidu said the state government is considering providing an additional 4 percent interest subsidy on education loans under the PM Vidya Nidhi framework, benefiting students pursuing higher education in India and abroad.

Highlighting the rising threat of cybercrime, the Chief Minister urged banks to establish Central Transaction Monitoring Cells and launch large-scale public awareness campaigns. He noted that many citizens have fallen victim to digital frauds in recent months and stressed the need for swift intervention to prevent financial losses.

Naidu also asked banks allotted land in Amaravati’s Financial District to expedite construction of iconic bank headquarters. He reiterated that financial institutions must balance profitability with social responsibility by extending credit support to SC, ST, BC communities, women, youth and housing beneficiaries.

The Chief Minister expressed confidence that coordinated efforts between banks and the government would help Andhra Pradesh achieve its targeted 15 percent economic growth rate while strengthening financial inclusion and employment generation.