Ernakulam district credit plan pegged at Rs 12,995 cr for fiscal 2013-14

Ernakulam district, the financial capital of Kerala, will have a banking credit plan of Rs 12,995 crore during the FY13-14.

A district-level review committee of banks held on Friday approved the credit plan, envisaging a growth of 23.36 per cent from the previous fiscal. The growth target under the priority sector is 17.28 per cent.

S Jayamohan Nair, deputy general manager, Union Bank of India, who inaugurated the meeting, said Union Bank was planning to open a full- fledged branch at Kadamakkudy, the only unbanked panchayat in the district.

Lead district manager AR Jayaprakash informed the meeting that during the October-December, 2012 quarter, deposits in the district increased by Rs 1,669.40 crore taking the total to Rs 46,591.68 crore. Advances increased by Rs 2,614.96 crore to Rs 49,413.83 crore.

The performance under the priority sector advance under the district credit plan 2012-13 was 78.89 per cent as against the half-yearly target of 75 per cent. The CD ratio increased to 106.06 per cent as on Dec 31, 2012, from 104.17 per cent as on Sept 30, 2012. The share of priority sector lending as on Dec 31, stood at 40.88 per cent against the required level of 40 per cent .

Education loans aggregating Rs 36.28 crore were sanctioned during the quarter taking the total outstanding to Rs 1,168.36 crore.