Andhra Pradesh CM unveils ₹8.10 lakh crore credit plan, targets zero digital fraud

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. Addressing the 235th State Level Bankers' Committee (SLBC) meeting at the State Secretariat in Amaravati, he called upon banks to strengthen efforts to combat cybercrime and digital financial frauds.

Naidu emphasised the need for banks to play a key role in supporting economic growth, entrepreneurship, and employment generation. He stressed the importance of enhancing credit flow to the Micro, Small and Medium Enterprises (MSME) sector, which he described as a major driver of industrial growth and job creation. The Chief Minister urged banks to provide timely financial assistance to entrepreneurs and startups, noting that initiatives such as the Ratan Tata Innovation Hub were helping create a vibrant innovation ecosystem in the state.

Expressing concern over the rise in cybercrime, Naidu noted that victims of digital fraud often suffer heavy losses due to delayed responses. He called on banks to take proactive measures to curb digital financial crimes and work towards achieving 'zero digital financial frauds' in the state. He proposed the formulation of a special Standard Operating Procedure (SOP) to tackle cyber frauds, including the growing menace of digital arrest scams.

The Chief Minister also recommended that banks establish Central Transaction Monitoring Cells to identify suspicious transactions and prevent fraud at an early stage. He called for extensive public awareness campaigns to educate people about emerging cyber threats.

In a significant announcement, Naidu said the state government was prepared to provide an additional four per cent interest subsidy on education loans, supplementing the PM Vidyanidhi scheme. This move is expected to benefit students pursuing higher education.

The meeting was attended by Chief Secretary G. Sai Prasad, Director of the Union Ministry of Finance Neelam Agrawal, RBI Regional Director A.O. Basheer, NABARD General Manager K.V.S. Prasad, National ST Commission member Sunil Kumar Babu, and other banking sector officials.