Banks in Odisha clock 87% annual credit target for FY16

Banks lent Rs 15,868.66 cr crop loan and Rs 1,915.36 cr term loan during the period

Banks having operations in Odisha have clocked 87.88% of the annual credit plan (ACP) target pegged at Rs 47,757.13 crore for priority sectors in 2015-16.

Last fiscal saw a particular surge in advances to the MSEs ( micro and small enterprises) which helped to push the overall credit flow to the priority sector reach Rs 41,970.80 crore.

According to the latest data compiled by the State Level Bankers' Committee (SLBC), the achievement in agriculture and allied sector is 82.55% of the credit target of Rs 26,226.09 crore.

The banks lent Rs 15,868.66 crore crop loan and Rs 1,915.36 crore term loan during the period under review.

 

The credit to MSEs is calculated at Rs 15,444.34 crore surpassing the annual target of Rs 12,003.29 crore, thanks to the successful implementation of Pradhan Mantri Mudra Yojana (PMMY) aimed at supporting the micro and small business units.

However, the education loans were abysmally low with achievement of meagre 22.72% of Rs 1,200.49 crore target.

Against the allocation of Rs 2,665.54 crore for the housing sector, the credit off take was Rs 2303.26 crore by March 2016. The lending to other priority sectors stood at Rs 40.65% of the Rs 5,661.72 crore target given to the banks.

"In last four years, the average achievement has been around 75% of the annual credit plan. This year's achievement is highest in last four years as advances to the MSE sector has exceeded its target ", said a senior bank official.

Public sector banks have achieved 86.12% of the credit target of Rs 25,902 crore. The private banks have fared better than their public sector counterparts with an achievement of 125.78%.

Private banks were given a credit target of Rs 32,44.74 crore and have disbursed Rs 40,81.33 crore loans by the end of last fiscal.

The Regional Rural Banks and Co-operative banks have clocked 54.38% and 105.14% of the target of Rs 7,850.89 crore and Rs 10,758.85 crore respectively.

It may be noted that the total outlay for credit requirement projections is an aggregation of the Potential Linked Credit Plans for 2015-16 prepared by the National Bank for Agriculture and Rural Development (Nabard) for all the districts of the state.