Andhra CM unveils annual credit plan outlay of Rs 2.8L cr

Andhra CM unveils annual credit plan outlay of Rs 2.8L cr

Andhra CM unveils annual credit plan outlay of Rs 2.8L cr

Amaravati: Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Monday unveiled the state’s annual credit plan outlay of Rs 2.83 lakh crore during the 215th state-level bankers’ committee (SLBC) meeting.

Out of the total credit plan, 54 percent will be channeled into the agriculture sector with a target to disburse loans worth Rs 1.48 lakh crore. The state plans to provide Rs 2.13 lakh crore as loans to the primary sector.

Despite the imposition of curfew in view of the second wave of the Covid-19 pandemic, Reddy said Andhra Pradesh crossed the stipulated target of the loan disbursement and noted that 105 percent of the target was achieved in priority sectors, including 114 percent in the agriculture sector.

Thanking the role of banks in achieving this growth rate, Reddy said, “They have exceeded the stipulated targets in loan disbursement.”

Meanwhile, Union Bank Chief Executive and Managing Director Raj Kiran Roy said the southern state has emerged as one of the top performing states in achieving the United Nations Sustainable Development Goals (SDG) for 2020, according to the rankings released by Niti Aayog.

“Banks should focus on supporting tenant farmers and providing services in RBKs,” said Roy, highlighting that for a target of Rs 1.87 lakh crore for the primary sector, Rs 1.96 lakh crore worth loans were disbursed.

Roy said the target for the agriculture sector was Rs 1.28 lakh crore while Rs 1.46 lakh crore loans were sanctioned.

Similarly, the MSME sector received loans worth Rs 40,312 crore, exceeding the target of Rs 39,600 crore, while the non-priority sector received Rs 60,652 crore worth loans compared to a target of Rs 60,050 crore.

The Union Bank chief also requested Reddy to prioritise vaccinating bank employees.