Coimbatore

Potential linked credit plan for Erode released

The National Bank for Agriculture and Rural Development (NABARD) has envisaged a potential linked credit plan of ₹13,750.58 crore for the Erode district for the year 2021-22.

Releasing the plan document on Tuesday, Collector C. Kathiravan asked bankers to increase the credits to MSME sectors, horticulture, farm mechanization, water saving devices such as drip and sprinkler irrigation.

He asked banks to provide working capital loans for the Animal Husbandry and Fisheries sector to enhance farmers’ income.

C.R. Abuvarajan, Assistant General Manager, NABARD, said that the credit projection for the agriculture sector was ₹7,692.45 crore, of which crop loan was projected at ₹ 4,041.80 crore and term loan at ₹ 3,650.65 crore.

The credit projection for MSME Sector was ₹3,729.82 crore. During the year 2019-20, banks had extended MSME loan of ₹ 3,095 crore in the district, he added.

S. Aravindan, Lead District Manager, Erode District, said the banks should increase the lending to SHGs in order to achieve the target of ₹507 crore and focus on MUDRA, PM SVANidhi schemes, implemented through District Industries Centre and THADCO.

He emphasised the need for encouraging farmers producers organisations by providing financial assistance.

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Printable version | Jan 19, 2021 2:06:57 AM | https://www.thehindu.com/news/cities/Coimbatore/potential-linked-credit-plan-for-erode-released/article33234360.ece

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