Banks in Odisha achieve 85% of annual credit plan till Sept

Of the targeted Rs 17,135 cr credit offtake set for the fiscal, banks have already advanced Rs 14,541 cr till September end

Commercial banks in Odisha have achieved 85 per cent of the annual credit  plan (ACP) for 2013-14 till the end of September.  

Out of the targeted Rs 17,135.48 crore credit offtake set for the fiscal, banks have already advanced Rs 14,541.16 crore till September end.

According to data compiled by the State Level Bankers Committee (SLBC), advances to the agriculture and allied sectors has already overshot the stipulated target of Rs 9,760.12 crore. Actual achievement under this head is Rs 10,904.16 crore, meaning an achievement of 112 per cent.

Commercial banks have a share of 52.45 per  cent in total agriculture advances followed by cooperative banks at 32.54 per cent and regional rural banks (RRBs) at 15.01 per cent.

In the MSME (micro, small & medium enterprises) sector, credit achievement is Rs 2012.32 crore or 86 per cent of the targeted Rs 2328.73 crore. However, advances to the education sector is disappointingly low at 33 per cent.

In terms of ACP achievement, private sector banks have stolen a march over their PSU counterparts . While the private banks have achieved 94 per cent of the credit target, public sector lenders were lagging at 58 per cent.

Among the private sector banks, performance of the largest bank ICICI Bank and third biggest lender Axis Bank was lacklustre with the two banks managing to achieve just 39 per cent of their assigned target.

A host of public sector lenders have recorded dismal credit offtake – Central Bank of India (nine per cent), Dena Bank (20 per cent), State Bank of Mysore (25 per cent), Syndicate Bank (35 per cent), Allahabad  Bank (34 per cent) and Bank of Maharashtra (34 per cent).

District wise scrutiny reveals Boudh (32 per cent), Dhenkanal (38 per cent),Gajapati (36 per cent), Malkangiri (26 per cent), and Kandhamal (37 per cent) are at the bottom in terms of overall advances.

  At the 133rd meeting of SLBC, N Chandrasekaran , executive director of UCO Bank and chairman, SLBC (Odisha) stressed on expanding credit, especially to the farming and fisheries segments that have been hit hard by the Phailin cyclone and subsequent floods.

"There has been large scale devastation in the state due to the cyclone Phailin and subsequent floods. In 18 affected districts, the total loss has been estimated at Rs 14,000 crore. All banks should come forward to extend financial assistance to the affected people”, he said.