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Banks in Odisha achieve 18% of annual credit target by June

PSU lenders post dismal credit offtake; Central Bank achieves 4.25%, while Indian Bank and SBI achieve 6% and 8.55% respectively

BS Reporter  |  Bhubaneswar 

Public sector banks

Commercial having operations in the state have achieved 18.63 per cent of (ACP) for 2014-15 till the end of June. Out of the targeted credit offtake of Rs 40,001.01 crore for the current financial year, the have advanced Rs 7,451.10 crore by June.

According to the latest data compiled by the State Level Bankers’ Committee (SLBC), credit to the agriculture and allied sector (direct) stood at Rs 4,031.41 crore, about 18.80 per cent of the target of Rs 21,442.78 crore fixed for the current fiscal. Similarly , advances to the (micro, small & medium enterprises) sector stood at 1,651.69 crore, about 28.88 per cent, against the target of Rs 5,719 crore. While the achievement in education loan was low at 4.05 per cent, the advances to the housing and other priority sectors stood 12.23 per cent and 13.25 per cent respectively at the end of first quarter.

Earlier, on the insistence of the state government, had enhanced the annual credit requirement for the current fiscal from Rs 36,959.92 crore to Rs 40,001.01 crore. Banks have been time and again reprimanded by the government for the low credit disbursal record.

In terms of ACP achievement, the private banks have marched above the public sector banks. Private Banks have achieved credit disbursement of Rs 26.23 per cent while their public sector counterparts are languishing at 11.61 per cent by the end of first quarter. The Regional Rural Banks (RRBs) have advanced Rs 1,163.27 crore, which is about 16.81 per cent of the target of Rs 6,919.89 crore.

Public sector lenders recording dismal credit offtake by June end include (4.25 per cent), ( six per cent), (8.55 per cent). In the private sector, has achieved 16.75 per cent of the credit target while and have achieved 17.57 per cent and 32.73 per cent respectively of their target. District wise achievement under the ACP is abysmally low at Dhenkanal (8.36 per cent) and Gajapati (8.84 per cent).

At the 136th meeting , Chief Secretary Gokul Chandra Pati had stressed on the flow of credit to agriculture and allied sector, particularly to the fishery and animal resource development projects. Pati also mentioned about the flow of credit to small and marginal farmers through Joint Liability Group (JIG) approach. has asked all the controlling heads of banks and LDMs (lead district managers) to ensure that the target allocated is achieved before March 31, 2015.

First Published: Wed, August 20 2014. 20:28 IST