The district’s Annual Credit Plan for 2017- 2018, released by Collector M. Karunakaran on Tuesday, envisages a total credit outflow of ₹8,065 crore, an increase of 15% over the current year’s allocation of ₹7,050 crore.
Though the current year witnessed shortfall in South-west and North-east monsoons and the State government had declared all the districts as drought affected, the growth of 15% has been envisaged with the hope of good rains and expansion of commercial bank branches and small finance banks.
Agriculture, the predominant vocation in the district, has been once again given importance with 73% of the plan allotted for farm credit, agriculture infrastructure and ancillary services. In a special meeting held on March 13,the Collector had advised bankers, especially managers of commercial bank branches, to contribute liberally for agriculture.
Dr. Karunakaran appealed to Joint Liability Groups, Farmers Clubs, Farmers Club Federations, Farmers Producers Organisations to effectively utilise the credit to improve agricultural production.
Under micro, medium and small enterprises section, thrust has been given for cluster financing - ₹495 crore for Fibre Cluster in Bhoothathankudiyiruppu, Fibre Mat Producers and Sellers Society, Pattamadai, Pottery Cooperative Society at Karukurichi, Textile Clusters at Veervanallur, Rice Mills Cluster at Alangulam, Brick Cluster at Madhapuram and Brass Products Clusters at Vagaikulam near Ambasamudram.
Under new sectors such as social infrastructure and renewable energy sources, ₹155 crore has been allotted for construction of school buildings, healthcare, drinking water and sanitation facilities, including household toilets and for installing solar-based and biomass-based power generators and windmills.
Major share of the credit plan has been taken by Indian Overseas Bank (19.42%), Pandyan Grama Bank (15.27%), Canara Bank (12.82%), Tamilnad Mercantile Bank (9.05%) and State Bank of India (8.90%)
The Indian Overseas Bank, being the Lead Bank of the district, prepares the Annual Credit Plan based on Branch Credit Plan of all bank branches in the district, the projection given in NABARD’s Potential Linked Credit Plan and special area development schemes of the State and Central governments.
Copies of the Annual Credit Plan were received by A. Ramkumar, Assistant General Manager, Reserve Bank of India, Chennai; S.C. Mohanta, Chief Regional Manager, Indian Overseas Bank; A. Palani, Project Director, District Rural Development Agency, and others.
