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ACP projects flow of Rs. 2,196.50 crore

Staff Reporter
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growth track:Collector T.Munusamy releasing the ACP 2013-14 in Nagapattinam on Thursday.
growth track:Collector T.Munusamy releasing the ACP 2013-14 in Nagapattinam on Thursday.

The Annual Credit Plan has projected a potential credit flow of Rs.2,196.50 crore with a major thrust on agriculture, for the upcoming fiscal 2013-14 in the district.

The ACP released by the Indian Overseas Bank, the lead bank here on Thursday, projects a credit potential registering a 36.52 per cent increase in the credit plan against the plan target of Rs.1,608.49 for the corresponding year, last fiscal.

According to the lead bank, the ACP 2013-14 is on same page as the Potential Linked Credit Plan projections tabled by the NABARD and there are agreeable correlations between the projections under the PLP and the ACP.

The ACP envisages agriculture and ancillary sectors as thrust areas, with significant allocations towards crop loans (Rs.1,499.03 crore); farm mechanisation (Rs.84.10 crore); dairy development (Rs.118.95 crore); fisheries (Rs.26.82 crore); rural godown (Rs.20.98 crore); and agro processing (Rs.10 crore). The ACP up to December 2012 has achieved a credit performance target of 121 per cent against agriculture, non farm sector, and other priority sector.

This entailed disbursement to the tune of Rs.1,520 crore against the targeted Rs.1,608 crore as of December 2012.

According to the lead bank, the projected performance inclusive of the final quarter of the current fiscal is slated to touch 150 per cent.

In a bid to boost accessible farm credit, the bankers at the District Consultative Committee meeting at the insistence of Collector T.Munusamy agreed to increase direct crop loans towards the scale of finance, here on Thursday. This would be a departure from the current crop lending under the category of jewel loans. The ACP also foresees an augmented thrust on special schemes under dairy development, livestock rearing, warehousing and food processing.

The ACP 2013-14 was released by Mr.Munusamy in the presence of N.M.Sivasamy, Senior Regional manager, IOB; D.Ganesh, Assistant General Manager, NABARD; R.Venkatesh, AGM, RBI, Chennai; and A.Kathirvel, lead district manager, IOB.

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