Nationalized banks’ apathy towards Orissa, especially in loan sanction: RBI report

There is gross apathy of the nationalized banks towards Orissa especially in terms of loan sanctions, according the quarterly reports of Reserve Bank of India (RBI). The report by the RBI is a big focus on the major causes of the underdevelopment in Orissa, according to media reports.

As per the RBI's quarterly reports till October of the last fiscal, the banks have given 28 per cent of the deposits as loans. As per the RBI guidelines, the banks are need to advance 40 per cent of their collected deposits as loans. It's clear that less advances by the banks is the one of the major factors for the underdevelopment in Orissa.

The statistics given by RBI in the report reveal that in the last three months till October the banks have given loans of only 11 per cent. In this time in the all India level the nationalized banks loan percentage is 20 per cent.

This shows the apathy towards Orissa by nationalized banks, which has been resulting underdevelopment in Orissa. Probably, the report by RBI alarms need for a resolution to check such economic obstacles.