Collector A. Shanmuga Sundaram released the Potential Linked Credit Plan (PLP) prepared by NABARD for 2020-21 at a bankers’ meeting held at Collectorate on Tuesday.
The plan document was received by N. Maya, Zonal Manager, Indian Bank and B. John Theodusius, Lead District Manager, Indian Bank.
Appreciating the work of the District Development Manager, NABARD, the Collector advised the banks to come forward to lend for towards agriculture. He further said that to sustain and achieve an overall economic growth, it was essential for agriculture to grow at 4%. It is now around 2.4% only.
Bangaru Giri, DDM, said that NABARD, through effective credit planning, credit support, promotional and innovative initiatives for agriculture and allied activities, has been bringing out district-wise Potential Linked Credit Plan (PLP) every year to guide banks in preparing their annual credit plan, for setting their goals and targets.
Mapping potential
These PLPs map the potential available in the district for development of agriculture and allied activities, including micro credit, small enterprise sector and other priority sectors and accordingly project credit requirements to be met by banks for exploiting those potentials.
The DDM also said that the PLP for Vellore district, envisages a credit estimate of ₹12,408.92 crore for the year 2020-21. Of these, while the credit requirement for short term crop loans is estimated at ₹6,312.94 crore, the estimate for term credit for important thrust areas like water resources, farm mechanisation, plantation and horticulture, animal husbandry, storage, solar energy and food and agro processing stands at ₹930.42 crore.
The other estimates for Agriculture Infrastructure (₹348.04 crore), ancilliary activities (₹260.92 crore) make the total credit potential for agriculture stand at ₹7,852.32 crore.
The projection of ₹12,408.92 crore for the year 2020-21 is higher by ₹1,364.50 crore over the current year (2019-20) projection of ₹11,044.42 crore, he said. AGM, RBI, Damodhiran and C. Malathy, PD-DRDA, Vellore were among those who participated.
