RBI to Create Rural Infrastructure : Dr.Rajan

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Hyderabad, Oct.15 (Telemedia) : The Reserve Bank Governor Dr. Raghuram Rajan called on the Chief Minister K. Chandrasekhar Rao today morning at Secretariat along with a team of senior officers of RBI. The RBI Governor said that on par with the farming sector the bank needs to have a specific look at semi sector. The Government asked him to have a special view on Micro and Small Enterprises (MSEs).

Responding to the officials Dr.Rajan 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 RBI Governor has agreed that MSEs need special attention and towards this direction they are going to licence small banks who will be asked to lend support to MSEs.

The Reserve Bank Governor was also informed by the CM that their’s is a new state and concentrating on Industrialisation. The CM told that  the Government is 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 acres of land where infrastructural facilities are being developed. CM 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.

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When brought to the notice of the RBI Governor said that the bankers are not pushing the way they are supposed to do with regard to 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 25 thousand 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.  The CM 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.

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