Banking system in Punjab fulfill all national goals in 2013-14

Priority sector advances have increased from Rs 82,686 cr as at March 2013 to Rs 98,502 cr as at March 2014 showing a growth of 19.12%

The banking system in Punjab has achieved all the National Goals in the fiscal year 2013-14 in respect of Priority Sector, Agriculture Credit (Direct as well indirect) and lending to the Weaker Sector for the period ended March 2014.

This was informed by Gauri Shanker, Executive Director, Punjab National Bank during the State Level Bankers Committee meeting held in Chandigarh today.
 
While reviewing the performance of banks under various key parameters in the State from April 2013 to March 2014, he informed that the total deposits in Punjab have increased by Rs 30,367 crore from Rs 200,578 crore to Rs 230,945 crore thereby showing an increase of 15.13% during the review period. The total Advances during the period have increased by Rs 13,884 crore i.e. from Rs 171,474 crore to Rs 185,358 crore registering a growth of 8.09 % during review period.

 

He informed the house that the Banks in the State have achieved all the National Goals in respect of Priority Sector, Agriculture Credit (Direct as well indirect) and lending to the Weaker Sector for the period ended March 2014.
 
Priority Sector Advances have increased from Rs 82,686 crore as at March 2013 to Rs 98,502 crore as at March 2014 showing a growth of 19.12%. Agriculture advances have increased from Rs 40,021crore as at March 2013 to Rs 48,520 crore as at March 2014 recording a growth of 21.23%. The advances to Micro & Small Enterprises have increased from Rs. 34,639 crore as at March 2013 to Rs 41,598 crore as at March 2014 showing a growth of 20.09%.

Shanker informed that as per the recommendations of Prime Minister’s Task Force on Micro, Small & Medium Enterprises (MSMEs) under Chairmanship of T K A Nair, the banks are required to achieve year on year 20% growth in credit to Micro & Small Enterprises & 10% Annual growth in number of Micro Enterprises accounts. Gauri Shanker urged upon bankers to monitor the progress in providing credit to this vital sector so that the stipulated targets are achieved for the state as a whole.

Shanker said that Micro financing has assumed greater importance and the role of banks have become even more demanding. There is need to have close rapport with NGOs and other agencies including Social Welfare Agencies to help formation and linkage of SHGs. 31,264 SHGs have been Saving Linked and 21,398 Credit-linked up to March-2014 in the State.

Meanwhile Chief Guest, Surjit Singh Rakhra, Rural Development and Panchayats Minister, Punjab today gave a call to commercial, regional rural, cooperative and private banks of the state to focus on lending to farm sector and to below poverty line population and become catalyst of economic growth of state.