The annual credit plan for the district for 2019-20 envisages an outlay of ₹6,769 crore to benefit 5.85 lakh beneficiaries.

The plan, prepared by Indian Bank, which is the Lead Bank for the district, was released by Collector S.A. Raman in the presence of S. Selvaraj, Deputy General Manager and Zonal Manager, Indian Bank Salem, Selvakumar, Project Director, Tamil Nadu State Rural Livelihoods Mission (TNSRLM), D. Sivakumar, General Manager, District Industries Centre, R. Chelladurai, Deputy Director of Agriculture and T.A. Sreenivasan, Lead Bank Manager.

The plan envisages an outlay of ₹6,769 crore under priority sector, which is 11% higher over the last year plan with an increase of ₹903.31 crore.

Major allocation of ₹5,100 crore goes to agriculture and allied activities as it constitutes 75.34% of the total outlay.

Farm credit

While farm credit gets ₹4,800 crore, agriculture infrastructure will be given ₹180 crore while ancillary activities will get ₹120 crore. Other allocations include ₹762 crore for micro, small and medium enterprises, ₹125 crore for export credit, ₹180 crore for education, ₹380 crore for housing, ₹60 crore for renewable energy, ₹120 crore for others and ₹40 for social infrastructure.

Out of the total plan under priority sector, the share of commercial banks is ₹5613.70 crore (82.93%), cooperatives is ₹960 crore (14.02%), regional rural banks is ₹180.59 crore (3.05 %) and that of Tamil Nadu Industrial Investment Corporation (TIIC) Limited is ₹20.93 crore.