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Odisha asks banks to raise credit ratio,focus on agri sector

Press Trust of India  |  Bhubaneswar 

Seeking more cooperation from financial institutions, the Odisha government today asked banks to increase their credit ratio for overall economic activities in the state.

"Though there has been growth in deposits by the people of Odisha in different banks, the credit ratio is not up to mark," said state's Chief Secretary G C Pati while addressing the Odisha Economic and Banking Conclave organised by the Bankers'

Club, Bhubaneswar and 'The Political and Business Daily'.

Noting that the deposit ratio in banks in Odisha was much above the national average, Pati said the banks had not disbursed adequate credit.

"As banks have vital role to play for the development of the state, they should give loans to investors in different sectors," Pati said, adding, the bankers should come up with credit to the investors putting money in the development of agricultural infrastructure.

Stating that Odisha suffers from infrastructure bottlenecks, the Chief Secretary said sectors like agriculture, tourism and MSME needed boost from banks.

Addressing the gathering, RBI deputy governor H R Khan said as the state has huge resource base, it should be tapped through different means by increasing activities.

Referring to banks of apprehension of bad debt, the Khan said "It should be seen whether finance follows growth or growth follows finance."

Khan said there should be no doubt that banks would be partners in the growth. Appreciating the growth taking place in the state in the past few years, the RBI DG pointed out that growth in metal and mineral sectors should not be the sole objective of the government.

RBI's regional director P K Jena, KM Trivedi, CGM, SBI and PBD resident editor B K Mishra also addressed the conclave.

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First Published: Thu, August 14 2014. 21:15 IST