This stern directive was not just a warning but was strictly enforced. The impact was immediate—between 5 pm and 9 pm, loans of ₹5 lakh each were approved for 98 entrepreneurs. Only after these approvals were completed were the bank officers permitted to leave the auditorium.
After exiting the meeting, bank officers expressed their relief. One officer remarked, “Today was a very tough day for us.”
DM Reacts to Slow Progress
The DM’s frustration grew when he reviewed the loan approval status at 5 pm. It was revealed that against the target of approving loans for 500 entrepreneurs by January 2024, only 50 loans had been approved so far—just 10% of the goal. Adding to the DM’s ire was the fact that, despite a warning issued during a meeting seven days earlier, only 37 loans had been approved in the intervening week.
Industry Deputy Commissioner Srinath Paswan informed the DM that applications had been pending with banks for more than seven days. A total of 403 applications had been forwarded to banks after completing all formalities, but approvals remained delayed.
Immediate Action Taken
In response, DM Singh ordered that no bank officer would be allowed to leave until loan approvals were processed. This directive led to 98 loans being sanctioned between 5 pm and 9 pm, bringing the total approved loans to 148.
The DM’s decisive action has sent a clear message to banking officials about the urgency of meeting the campaign’s targets and supporting young entrepreneurs.
2 comments:
Does the DM lock up the borrowers the same way when they default on loans or if the unit is not at all established or will he assume any responsibility in recovery of such loans
He is under pressure, but he acted in a foolish way.
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