TS Banks Achieve 55% Crop Loan Target Through December This Fiscal Year
Telangana banks have lent crop loans totaling 29,235 crore through December of the current fiscal year, reaching 55% of the target amount of 53,222 crore.
They disbursed 14,348 crore in the form of agricultural term loans for investment credits as well as for activities related to agriculture, infrastructure and ancillary activities during the same period.
Overall achievement in agriculture stood at 58% of the annual credit plan target, according to a statement from the meeting of the State Bankers Committee (SLBC) which reviewed performance for the quarter ended in December 2020.
Chief Secretary Somesh Kumar and some senior state government officials; Economic Advisor to the Financial Services Department of the Lalit Kumar Chandel Center; SBI Hyderabad Circle’s CGM and SLBC Chairman Om Prakash Mishra along with several high-ranking bankers and officials attended the meeting that was held virtually due to the COVID-19 pandemic.
Until December, total deposits stood at 5,470,010 crore, an increase of 12.92% from March 2020. This is an increase of 8.80% from deposits. of ₹ 5 02 748 crore as of December 31, 2019.
Advances of 6 09 645 crore, up to December 2020, were 39,227 higher, or 6.88% higher than in March 2020. Compared to advances of ₹ 5,57,068 up to December 2019, it this was an increase of 9.43%. The press release indicates that the CD (deposit-credit) ratio stands at 111.45% until December 2020 against 117.75% in March 2020 due to higher growth of deposits compared to advances.
Under priority sector loans, state banks disbursed loans totaling 80,570 crore, reaching 66% of annual targets through December. Disbursements to micro, small and medium enterprises (MSMEs), a segment severely affected by the pandemic, stood until December at 32,772 crore, or 93% of the annual target. In the priority sector, 498 crore was loaned for education loans and 2,523 crore for housing loans.
The press release indicates that disbursements totaling 3,047 crore were made to nearly 3.29 lakh beneficiaries under the Pradhan Mantri Mudra Yojana (PMMY) and 318 crore to 1,327 beneficiaries under the Stand up India program until December.
In terms of the financial inclusion plan, the press release from the SLBC meeting indicates that 101 17 265 PMJDY (Jan Dhan) accounts were opened by banks until December. The balance of these accounts, as of December 31, was 2,808.30 crore.
As part of the Atma Nirbhar Bharat (stimulation) plan announced by the Center, the banks sanctioned 6,697 crore yen and disbursed 5,498 crore yen to MSMEs under a guaranteed emergency credit line of 20% of the working capital limit until December. In total, 90% of beneficiaries were covered by the scheme, while 10% withdrew. As part of the COVID -19 assistance, a total of 231 crore was paid out to eligible farmers as a 10% emergency line of credit. A loan of 370 crore has been made to 68,190 SHG members under the COVID-19 emergency line of credit.