The State-Level Bankers Committee (SLBC) in the Union Territory of Puducherry has proposed a ₹3,056.32-crore Annual Credit Plan for 2019-20.
The outlay represents an increase of ₹252.36 crore (9%) over the plan outlay of ₹2,803.96 crore for 2018-19. The highest share of allocation from the outlay is for agriculture with ₹1,554.35 crore or 50.86% of the outlay. This is 8.55% more than the ₹1,431.97 crore allocated in 2018-19.
The MSME sector has been allocated ₹759.36 crore, accounting for a share of 24.85% of the outlay as against ₹694.90 crore allocated in 2018-19.
The allocation represents an increase of 9.28% over the previous year.
Good track record
Addressing the recent quarterly review meeting for the release of annual credit plan of the Union Territory for the next financial year and for reviewing the performance of banks for the quarter ended December 31, 2018, SLBC chairman and executive director of Indian Bank M.K. Bhattacharya urged banks to maintain their track record of surpassing the annual credit plan targets over the successive years.
The allocations for the other sectors are: export credit (₹130.80 crore), educational loan (₹87.03 crore), housing loan (₹201.05 crore), renewable energy (₹19.26 crore), social infrastructure (₹196.20 crore) and sectors forming part of self-help groups (₹108.27 crore).
Chief Minister V. Narayanasamy released the Plan booklet in the presence of R. Radhakrishnan, MP.
The Chief Minister appreciated the bankers for their achievement in various sectors and urged banks to increase focus on credit to agriculture, tourism and infrastructure projects in the U.T.
V Candavelou, Secretary (Finance); N Mohana, general manager, RBI, Chennai; S Vijayalakshmi, general manager, NABARD, Chennai; and Padma Jaiswal, Secretary (IT), Government of Puducherry, addressed the meeting.
B Veeraraghavan, zonal manager and convenor SLBC, Indian Bank, Puducherry; D Devaraj, general manager, Indian Bank, Corporate Office, Chennai; Balaji, regional manager, SBI, Puducherry; bank executives and officials from various government departments participated.