Bankers decide to revise annual credit plan

Ameeting of banks in the state today formally approved a credit plan for the year at Rs 27,400 crore.

The state-level bankers committee discussions put the agricultural component at Rs 18,000 crore (about Rs 10,000 crore of this for crop loans). There will be an increase of 22 per cent in the plan compared to last year. The annual credit plan has Rs 15,595 crore on total agri loans, another Rs 7,000 crore on term loan, Rs 2,834 crore for medium and small scale sector, Rs 3,218 crore for other projects.

“The revised plan will be implemented after organising special meetings of the district level credit committee and the commercial banks will have to bear the burden. The revised plan will only be for the farm sector as announced in the budget speech of the Union finance minister,” a banker said.

Accordingly, the state’s total agriculture loan target under the district plan will be revised to Rs 18,000 crore from Rs 15,595 crore, crop loan target will be revised to Rs 10,710 crore from Rs 12432.19 crore and term loan to Rs 7,290 crore from Rs 3,163 crore, if translated sector wise.

However, the target for commercial banks will be revised from Rs 7,728.58 crore to Rs 13,500 crore. The regional rural banks will have to revise their plans from Rs 2,366.36 crore to Rs 1,800 crore, cooperative banks have to revise the targets from Rs 5,500.66 crore to Rs 2,700 crore. Thus the annual credit plan of the state will be Rs 27,420.67 crore, if approved.

The state has however yet to improve its credit deposit ratio in the eight tribal-dominated districts of Umaria, Sidhi, Rewa, Alirajpur, Mandla, Dindori, Anuppur and Shahdol, where it is hovering below 40 per cent against the laid norms of 60 per cent for years.

Chief Minister Shivraj Singh Chouhan today expressed concern over low credit deposit ratio.