AP sees rise in people’s wealth: SLBC reveals huge numbers of past 3 years

CM Jagan has introduced welfare schemes beyond caste, religion and politics with the aim of improving the living standards of the poor. Navaratna schemes were ambitiously implemented, bringing a new definition to welfare. Similarly, the state government has taken measures to increase the livelihood opportunities and incomes of the poor and middle-class communities. In this background, people along with the beneficiaries are investing their hard-earned money in the form of deposits in banks. Apart from this, the standard of living has improved as people have established self-sufficient industries and chosen income streams with YSR Cheyutha and Aasara schemes. Deposits in banks have been increasing for the last two years as the state government has provided support to various business lines.

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Increase in people’s wealth

The income of people across the state is increasing. Bank officials said that especially in the joint Visakha district and the newly formed NTR district have the highest deposits while the Alluri Sitharama Raju district has the lowest deposits. The report of the 224th State Level Bankers Committee (SLBC) has revealed that the cash earned through the assistance and support schemes introduced in the state is being deposited in banks in instalments from 2021. In the last three years, the deposits in the banks have increased to the extent of Rs 87,877 crore, the officials revealed. While deposits in banks were Rs 3.85 lakh crore as of March 2021, by June this year, the amount has increased to Rs 4.73 lakh crore, officials announced.