CM Naidu Mandates Banking SOPs to Tackle Rising Cyber Financial Frauds
Chief Minister Nara Chandrababu Naidu has instructed banks to create strict SOPs to tackle cyber financial frauds in Andhra Pradesh. The state also launched an ₹8.10 lakh crore annual credit plan for 2026-27 to boost growth across the MSME, agriculture, and infrastructure sectors.
Andhra Pradesh Chief Minister Nara Chandrababu Naidu has issued a directive to banking institutions, urging them to develop and implement a specialized Standard Operating Procedure (SOP) to combat the rising tide of cyber financial frauds. During the 235th State-Level Bankers’ Committee (SLBC) meeting held in Vijayawada, the Chief Minister underscored the urgent need to protect the public from increasingly sophisticated digital crimes, such as online scams and digital arrest threats.
The state government is prioritizing financial security and robust growth, as evidenced by the release of the AP Annual Credit Plan for 2026-27. Banks have set an ambitious target to disburse loans totaling ₹8.10 lakh crore within this fiscal year. This massive allocation includes ₹5.40 lakh crore earmarked for priority sectors like agriculture and rural development, while ₹2.70 lakh crore is directed toward non-priority sectors. Furthermore, the MSME (Micro, Small and Medium Enterprises) sector has been allocated ₹1.55 lakh crore to bolster local entrepreneurship, including support for startups linked to the Ratan Tata Innovation Hub.
Addressing Cyber Financial Frauds and Economic Growth
Chief Minister Naidu emphasized that the growing prevalence of cyber financial frauds is resulting in significant financial losses for residents. He advocated for the establishment of central transaction monitoring cells within banks to better analyze fraud patterns and track offenders more effectively. Additionally, he called for comprehensive public awareness initiatives to educate customers on how to identify and avoid falling victim to digital scams.
Beyond security concerns, the administration is focusing on achieving an economic growth rate of 15 percent for the current year. To support this objective, the Chief Minister requested enhanced credit flow to vital sectors including aquaculture, dairy farming, and cold-chain infrastructure. He also announced a new government policy offering an additional four percent interest subsidy on education loans, aligning with the PM Vidyanidhi Scheme to assist students pursuing higher studies both domestically and internationally.
The meeting also saw calls for stronger coordination between state government departments and the banking sector to ensure the efficient utilization of central schemes. Naidu urged private sector banks to ramp up their participation in national initiatives such as Stand-Up India and PM Vishwakarma. As Andhra Pradesh pushes toward ambitious development goals, the administration is actively monitoring credit disbursement and NPA management to maintain economic stability. Officials from the RBI, NABARD, and Union Bank of India were present, committing to support the state’s developmental agenda through sustained financial cooperation.
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