Collector T.P. Rajesh released the Annual Credit Plan of ₹6,687.10 crore for the district by the banks for 2017-18.
Mr. Rajesh had launched the plan prepared by the Indian Bank, the Lead Bank for Cuddalore at the District-Level Bankers’ meeting held recently.
Reflecting the agrarian characteristic of the district, ₹5,041.70 crore, accounting for 76.84% of the outlay, has been allocated to agriculture. A sum of ₹1,502.95 crore has been earmarked for medium- and long-term loans under agriculture for minor irrigation, land development, farm mechanisation, plantation and horticulture crops, fishery and animal husbandry activities.
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Second biggest sector
The micro small and medium enterprises (MSME) and other priority sectors have been earmarked ₹1,519.13 crore, accounting for 23.15 per cent of the plan outlay proposed for the priority sector.
After releasing the plan, Mr. Rajesh handed over the first copy to D. Shankar, Assistant General Manager, NABARD, Cuddalore.
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He handed over copies of the credit plan to S.Selvaraj, Deputy General Manager and Zonal Manager, Indian Bank, Cuddalore; and N. Balu, Assistant General Manager, Reserve Bank of India.
The annual credit plan is prepared in synchronisation with the potential linked credit plan prepared by NABARD for Cuddalore district.
Out of this total financial outlay, commercial banks will share ₹5,390.56 crore, co-operative banks ₹746.65, regional rural banks ₹393.26 crore and Tamil Nadu Industrial Investment Corporation ₹30.54 crore.
Poverty alleviation
To uplift the poor and the downtrodden, an outlay of ₹250 crore has been allocated to various government-sponsored programmes for the Cuddalore district.