Andhra Pradesh

State unveils credit plan with an outlay of Rs. 1.25 lakh cr.

The Andhra Pradesh State Government has unveiled a massive credit plan for 2015-16 with an outlay of Rs. 1.25 lakh crore.

Agricultural credit took the lion’s share of the credit plan with Rs. 65,272 crore followed by MSME sector at Rs. 16,960 crore and other priority sectors including education and housing at Rs. 14,688 crore. Of the total outlay, the priority sector was earmarked Rs. 96,920 crore and non-priority sector Rs. 28,828 crore.

Launching the credit plan, Chief Minister N. Chandrababu Naidu exhorted bankers to gear up for rolling out of the third phase of the debt redemption scheme. The State had linked a majority of the accounts with Aadhaar and the process should be completed at the earliest.

“Farmers should be relieved from debt burden and farming should be made profitable,” he said.

He lamented that failure in proper communication to farmers led to some confusion and the bankers should take the initiative to clear it. “All the farm loans should have been renewed by now,” he said asking the bankers to identify growth driving sectors based on demand for disbursal of credit accordingly.

The Chief Minister wanted banks to adopt interoperability that would allow business correspondents of one bank to offer payment services to other lenders for efficiency and optimisation. Interoperability would enable the government to disburse pensions efficiently and would go a long way in ensuring cashless economy achieving the targets set in the financial inclusion plan. Mr. Naidu favoured formation of sub-committees for agriculture, horticulture, livestock, fisheries, MSME and affordable housing as it would give a thrust to economic activity in the State. Asserting that the government had prioritised agriculture and allied activities, he wanted the banks to disburse loans in timely manner to these sectors to ensure accelerated development.

Chief Secretary I.Y.R. Krishna Rao, RBI regional director R.N. Dash, Nabard Chief General Manager Harish Java, members of the State-Level Bankers Committee and senior officials were present.


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Printable version | Oct 4, 2022 11:01:25 pm | https://www.thehindu.com/news/national/andhra-pradesh/state-unveils-credit-plan-with-an-outlay-of-rs-125-lakh-cr/article7368566.ece