Hyderabad: Deposits in Telangana grew by 62,570 million on 31 December and reached 5.47 010 million by 31 December. This is a growth of 12.9% compared to March 2020. The advance increased by Rs. 39 227 crore to touch R 069 645 crore. According to Om Prakash Mishra, SBI CGM and president of the State Level Bankers’ Committee (SLBC), Telangana, this is a growth of 6.88% in March 2020.
He said at the 28th quarterly meeting of SLBC held on Tuesday to review banks’ performance for the quarter ended December, he said deposits had grown by 622,570 million to 5.47,010 million, as of December 31st. March 2020. Advances grew by Rs. 39 227 crore to touch R 069 645 crore. This is a growth of 6.88% compared to March 2020.
The meeting, held through a video conference, was attended by General Secretary Somesh Kumar, Economic Adviser (GoI) Lalit Kumar Chandel, Agricultural Commissioner Dr B Janardhan Reddy, Finance Secretary Ronald Rose, MA & UD Commissioner Dr. N Satyanarayana, NABARD CGM Y Krishna Rao and various bank heads.
During the current financial year to December, banks borrowed 29,235 million under crop loans, reaching 55 percent of the target amount of 53,222 million. Mishra said banks had disbursed RK 14,348 million in loans for agricultural term financing for investment credit and agricultural-related, infrastructure and ancillary activities.
Banks together disbursed loans of 80 570 million under the priority sector, achieving a performance of 66 percent of the annual targets. For the MSME sector, they paid out 32,772 million which achieved 93% of the annual target. They also lent 1.911 million to minorities, 8.299 million beneficiaries of weaker divisions and 11.606 million to beneficiaries. They also lent 837 million RK to SCs and 1 134 RK to STs, he said.
On the financial inclusion plan, banks covered all rural centers with a population of more than 5,000 with a banking department, he said in a release.
Banks, under the Atma Nirbhar Bharat Abhayan package, approved 6,677 million sanctions and disbursed 5,498 million to MSME beneficiaries under the Guaranteed Emergency Credit Line.
Source: Telangana Today