Banks in Odisha fail to achieve annual credit target

Out of annual credit plan of Rs 34,271 cr fixed, the actual credit flow was only Rs 20,955 cr

Despite the Odisha government’s insistence on increasing the credit flow, the commercial banks operating in the state have failed to achieve the annual credit disbursal target for 2013-14.

Out of annual credit plan (ACP) of Rs 34,270.97 crore fixed for the banks for the last fiscal, the actual credit flow was only Rs 20,955.76 crore, an achievement of 61.15 per cent, as per the  State Level Bankers’ Committee  report.

Credit to the education sector is dismal with only 23.03 per cent achievement of the target (Rs 829.88 crore) till March 2014. The data compiled by SLBC reveals that credit to agriculture and allied sector was 64.46 per cent of the target. Similarly, achievement in Micro and Small Enterprises (MSEs) sector was 101.90 per cent of the target and housing sector, 66.88 per cent of the target pegged at Rs 1,822.84 crore in 2013-14.

For the other priority sectors, the banks have achieved 29.81 per cent of targeted amount. The public sector banks have lent Rs 10,809.82 crore against the target of Rs 18,248.44 crore (about 59 per cent). The slow and lacklusture credit offtake has been observed in case of many PSU banks.