Puducherry

₹3,281 cr. is U.T.’s credit potential

Agriculture Minister R. Kamalakannan and banking officials at the release of Nabard's credit plan for the U.T. for 2020-21.

Agriculture Minister R. Kamalakannan and banking officials at the release of Nabard's credit plan for the U.T. for 2020-21.   | Photo Credit: Special Arrangement

Nabard’s figure represents an 8.27% increase over the projections for 2019-20

The National Bank for Agriculture and Rural Development (Nabard) has pegged the credit potential for the year 2020-21 for the Union Territory at ₹3,281.92 crore, covering six blocks.

The potential-linked credit plan for the fiscal 2020-21 released at the State Level Bankers’ Committee (SLBC) meeting on Friday represents an 8.27% increase over the projections made for 2019-20.

The broad sector-wise break-up of the projections show an allotment of 51.50% for crop production, maintenance, marketing, agriculture term loan, agriculture infrastructure including food and agro processing. The projection is 25.48% for MSME sector and 22.62% for other priority sectors which include export credit, education, housing, renewable energy and social infrastructure.

First copies

R Kamalakannan, Agriculture Minister released the document by handing over the first copies to Shurbir Singh, Finance Secretary and K. Mahesh, Housing Secretary.

Those present on the occasion included Shenoy Vishwanath, executive director, Indian Bank, S M N Swamy, regional director, Reserve Bank of India, M Nagarajan, general manager, Indian Bank, Chennai, B Veeraraghavan, DGM, SLBC Indian Bank, T Ramesh, GM, NABARD, Chennai, Uday Kumar, LDM Indian Bank and Uma Gurumurthy, AGM, NABARD.

Senior officials from Government Departments, banks and representatives of banks were present in the meeting.

According to Nabard, the assessment of potential under various sectors has been made keeping in view the growth trends, current levels of achievement, changes in unit costs, revised scales of finance and trends in credit flow. It has also factored in the priority sector guidelines of the Reserve Bank of India and the Union Government’s thrust to scale up lending to the various sectors of the economy and double farmers’ income by 2022.

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Printable version | Jul 15, 2020 5:46:11 PM | https://www.thehindu.com/news/cities/puducherry/3281-cr-is-uts-credit-potential/article30080222.ece

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