Kerala banks exceed tertiary sector lending target

The growth in sectors such as information technology, telecommunication, tourism, banking and insurance has pushed up credit disbursement by banks operating in Kerala.

According to statistics revealed by the State-Level Bankers' Committee (SLBC), the tertiary sector, which comprises these industries, holds a lot of promise for the state.

"The annual credit plan achieved in disbursement of priority credit is more towards the tertiary sector. During fiscal 2006-07, as much as 46 per cent of the annual credit plan achievement was possible due to credit lending towards this sector. An amount of Rs 12,610 crore was disbursed under this sector, recording an achievement of 114 per cent of the target," said the SLBC.

In fact, a review of the overall credit disbursement front during the year saw the annual credit plan for the target being pierced.

"The figures show that an amount to the tune of Rs 27,724 crore of priority credit was achieved against the target of Rs 24,290 crore," the SLBC pointed out.

While the primary sector, constituting agriculture and allied activities, posted a disbursement level of 125 per cent at Rs 11,906 crore as against the target of Rs 9,645 crore, the banks in the state also issued 1,59,600 Kisan Credit Cards.