LIC deny to give loan to Jagan Government!

Banks and Financial Institutions were turned down to give loans to AP government after YS Jagan came into power. World Bank and Asian Development Bank (ADB) were withdrawn from existing AP projects.

Newly elected YSRCP Government doesn’t show any interest to co-ordinate with the ongoing projects in AP that forced them to get out from AP Projects. It is surprised even National Banks and Financial Institutions follow in same manner. The largest Nationalized Bank State Bank of India AP government’s guarantee responding to the application for 3K term loan by YSRCP government.

SBI mentioned that each succeeding governments not honoring the commitments made by the previous governments. As per latest development, Life Insurance Corporation also not interested to give loan to YS Jagan Government. AP Government has looking towards LIC after Bankers turned down. As per buzz, YSRCP government offer 3/- interest to LIC for loan which is very high during the recession period. Reportedly, LIC officials were rejected the government offer.

During Chandrababu period, Bankers rushed towards Government and offer loans even for 20 paise interest. Now the situation has changed. Government is serious to implement populist schemes called Navaratnas. AP Government has trying to mobilize funds for getting implemented. The government relay on Banks and other Financial Institutions. YSRCP Government should create trust among the Bankers for loans and other financial assistance.

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