District Credit Plan for 2024-25 for Mysuru pegged at ₹31,720 crore

Deputy Commissioner calls for ‘vicinity banking’, suggests opening of bank branches in all GPs

Updated - May 15, 2024 08:59 pm IST

Published - May 15, 2024 08:57 pm IST - MYSURU



Deputy Commissioner K.V. Rajendra releasing the District Credit Plan for Mysuru 2024-25 on Wednesday. Mysuru Zilla Panchayat CEO K.M. Gayatri (right) and Lead Bank officials are present.

Deputy Commissioner K.V. Rajendra releasing the District Credit Plan for Mysuru 2024-25 on Wednesday. Mysuru Zilla Panchayat CEO K.M. Gayatri (right) and Lead Bank officials are present. | Photo Credit: M.A. Sriram

The District Credit Plan for 2024-25 for Mysuru was pegged at ₹31,720 crore of which 20,220 crore has been allocated for the priority sector advances.

The annual credit plan was released by Deputy Commissioner K.V. Rajendra here on Wednesday and the outlay for agricultural and allied activities under the priority sector has been pegged at ₹10,197 crore.

This year’s total outlay of ₹31,720 crore is higher over the last year’s allocation by 11 per cent. Out of the total allocation of ₹10,197 crore for agricultural and allied activities, ₹5,811 crore has been earmarked for crop loans and ₹4,386 crore is meant for term loans. The allocation for SSI/MSME sector is ₹6,313 crore while ₹3,710 crore has been earmarked for trade and services.

The public sector commercial banks have been vested with the responsibility of releasing ₹12,123 crore under priority sector accounting for 60 per cent of the outlay for priority sector. Banks coming under private sector, the regional rural banks, and institutions like cooperative banks and the KSFC have to disburse the remaining amount.

Under the Agriculture and Allied activities coming under priority sector, minor irrigation has received ₹150 crore while farm mechanization has been allocated ₹180 crore. Plantation and horticulture has received ₹160 crore while allocation for dairy farming is ₹150 crore and agriculture infrastructure has received ₹160 crore.

The credit plan also envisages an outgo of ₹650 crore for tourism development while housing loan will account for ₹918 crore and education loan has got an allocation of ₹482 crore.

Officials from the State Bank of India which is the Lead Bank for Mysuru, said that the district credit plan is based on potentiality available in the district as assessed by NABARD. Special emphasis has been given for flow of credit to agriculture and MSME sector to ensure sustainable growth with priority for rural development, government-sponsored schemes, credit linkage to self help groups etc.

Mr. Rajendra said the objective of the district credit plan was to ensure credit delivery leading to asset creation, and enhanced income in the hands of the beneficiaries and their welfare. He said an important aspect of credit is its timing and adequacy and banks should make efforts to dispose the loan applications logically within the stipulated time line.

He underlined the importance of financial inclusion and said that every section of society should be brought into the banking system. Mr. Rajendra said financial inclusion aims to provide basic banking and social security facilities to the marginalized and the weaker section and mooted the imperatives of vicinity banking. ‘’I call upon the banks to explore the possibilities of opening bank branches in all Gram Panchayats and ATMs at major centres in the district during the current financial year to smoothen the banking experience.

K.M. Gayatri, CEO, Mysuru ZP, V.N. Nagesh, Chief Manager, Lead Bank, and others were present.

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