The Annual Credit Plan (ACP) for Vellore district for the period 2017-2018 was released on Tuesday.
For the priority sector, the plan is targeting a credit outlay of ₹9,303.96 crore, which is an increase of 17.5% from the last financial year.
The annual credit plan, according to officials, is the planning for financial institutions in the district on the credit to be disbursed for priority sector such as agriculture, small scale industries and retail trade during this financial year.
According to a press release, in the sector-wise allocation under annual credit plan, agriculture has a total allocation of ₹5,163.62 crore, which accounts to 55.5% of the total projection under priority sector advances. Last year, agriculture was allotted ₹4,451.41 crore, which was 56.22% to the total priority sector.
Of the ₹5,163.62 crore allocated to agriculture, ₹4,240.95 crore is for crop loan and ₹922.67 crore is for agricultural term loan. Under agricultural term loan, ₹133.9 core has been allotted for minor irrigation, ₹96.35 crore for land development, ₹404.31 crore for farm mechanisation, ₹164.04 crore for plantation and horticulture and ₹124.07 crore for others.
For the allied sector comprising dairy, fisheries/poultry, sheep and cold storage/rural godown, a total of ₹564.64 crore has been allocated. For the non-farm sector, ₹551.16 crore has been allotted.
Other allocations
Other priority sector contributes 32.52% (₹3,024.54 crore) of the annual credit plan. Allocation has also been made to sectors such as social infrastructure, renewable energy, agro processing and micro, small and medium enterprises, the release said.
Under the annual credit plan 2017-2018, commercial banks have taken major allocation of 82.34% (₹7,661.22 crore), while cooperative sector has taken 15.48% (₹1,439.87 crore) and the regional rural bank has been allocated 1.97% (₹183.37 crore).
The credit plan has been projected to have an incremental growth of 16% under various sectors of agriculture and allied sectors, while the growth projected under non farm sector and other priority sectors is 20% over the previous year’s allocation. The annual credit plan 2017-2018 has been projected to have an overall 17.5% incremental growth over the previous year’s allocation, the release said.
Target achievement
Under the ACP 2016-2017, the achievement under agri sector was ₹4,825.45 crore as against its target of ₹4,938.18 leading to 98%. Under non-farm sector, the achievement was ₹503.59 crore (110%) as against the target of ₹459.3 crore.
Collector S.A. Raman released the annual credit plan. Rajani Chandrashekhar, zonal manager, Indian Bank, K. Suresh Kumar from NABARD, Chennai and S. Damodaran, lead district manager, Vellore were present.
