CM Naidu Asks Banks to Frame SOP to Tackle Cyber Financial Frauds

VIJAYAWADA: Chief Minister Nara Chandrababu Naidu on Friday urged banks to develop a special Standard Operating Procedure (SOP) to curb cyber financial crimes, including digital arrest scams and online frauds.

Naidu was addressing the 235th state-level bankers’ committee meeting at the secretariat. He sought enhanced credit support to micro, small and medium enterprises (MSMEs) and other growth sectors.

The CM released the AP annual credit plan for 2026-27, under which banks have proposed disbursing loans worth `8.10 lakh crore during this financial year.

Of the total outlay, `5.40 lakh crore has been earmarked for priority sectors, including agriculture, while `2.70 lakh crore has been allocated to non-priority sectors. The agriculture sector alone would receive `3.60 lakh crore, including `2 lakh crore towards crop loans and `10,693 crore for farm mechanisation.

The MSME sector has been allocated `1.55 lakh crore, including `70,000 crore for micro-enterprises. Housing loans worth `11,500 crore and education loans worth `2,500 crore have also been proposed.

Naidu said banks should ensure liberal credit flow to MSMEs and support startups being promoted through the Ratan Tata Innovation Hub. He proposed a joint committee of bankers and government officials to monitor credit disbursement and non-performing assets (NPAs), while stressing the effective utilisation of centrally Sponsored Schemes and the state’s “One Family, One Entrepreneur” initiative.

Expressing concern over the rising incidence of cyber frauds, the chief minister said delays in tracking offenders were causing substantial losses to victims. He urged banks to establish central transaction monitoring cells, analyse emerging fraud patterns and launch extensive public awareness campaigns to protect customers from digital scams.

The chief minister also sought greater financial support for aquaculture, dairy, cold-chain infrastructure and renewable energy projects. He announced that the government was prepared to provide an additional four per cent interest subsidy on education loans in convergence with the PM Vidyanidhi Scheme to help students pursue higher education in India and abroad.

Calling upon private sector banks to actively implement schemes such as Stand-Up India and PM Vishwakarma, Naidu emphasised stronger coordination between banks and government departments to accelerate economic growth.

Naidu also urged banks allotted land in Amaravati’s proposed Financial District to expedite construction of their offices on Bank Street and called on the RBI to expand its operations in Andhra Pradesh.

Stating that the government has set a target of achieving 15 per cent economic growth this year, the CM said the banking sector’s support would be crucial in meeting the objective.

Union Bank of India managing director and CEO Ashok Pandey joined the CM in releasing the ACP.

Chief secretary Sai Prasad, finance ministry director Neelam Agrawal, RBI regional director AO Basheer, NABARD general manager KVS Prasad, national ST Commission member Sunil Babu and senior banking officials attended the meeting.