THEBUSINESSBYTES
BUREAU
BHUBANESWAR,
JUNE 6, 2026
Odisha has unveiled
an ambitious roadmap for inclusive and balanced economic growth, with the State
Level Bankers’ Committee (SLBC) calling for a strategic expansion of credit
across emerging sectors, rural areas and women-led enterprises to accelerate
the state's development journey.
Chairing the 183rd
State Level Bankers’ Committee meeting for the quarter ended March 2026 at
Bhubaneswar, Chief Secretary Anu Garg stressed that credit deployment must be
closely aligned with Odisha’s long-term Vision Document and directed banks to
focus on high-potential sectors such as tourism, agri-entrepreneurship,
deep-sea fishing and food processing industries.
Highlighting the
changing contours of the state’s economy, Garg said the service sector should
receive greater attention in the next phase of development and credit
expansion. She underscored the need to strengthen Ease of Doing Business
initiatives to facilitate investment, entrepreneurship and job creation across
the state.
A major thrust of the
meeting was on promoting women-led economic growth. The Chief Secretary urged
banks to enhance credit support for women entrepreneurs and encourage the
progressive transition of Self-Help Groups (SHGs) into small and medium
enterprises, enabling them to scale up operations and contribute more significantly
to the economy.
Calling for
coordinated action, she urged controlling banks, Lead District Managers,
government departments and district administrations to work in close
collaboration to achieve the credit targets set for the current financial year.
Emphasising a business-friendly approach, she advocated a shift from the
traditional “Red Tape” mindset to a “Red Carpet” framework to ensure seamless
and investor-friendly credit flow.
Principal Secretary,
Finance, Sanjeeb Kumar Mishra, highlighted the importance of complete adoption
of the Central Know Your Customer (CKYC) system to strengthen financial
inclusion and improve banking efficiency.
Joint Secretary,
Department of Financial Services, Government of India, Shalini Pandit, called
for efforts to improve Odisha’s Credit-Deposit (CD) Ratio and bring it on par
with the national average, while the Regional Director of the Reserve Bank of
India urged banks to expand their presence in rural areas to improve access to
formal financial services.
The high-level
meeting witnessed participation from senior officials of the Odisha Government,
the Reserve Bank of India, NABARD, UCO Bank and heads of major commercial
banks. Secretaries of key departments including Tourism, Agriculture &
Farmers’ Empowerment, MSME, Mission Shakti, and Handlooms, Textiles &
Handicrafts also attended, reflecting a coordinated effort to deepen credit
penetration and support Odisha’s next phase of economic transformation.
