Andhra Pradesh SLBC fixes credit plan at Rs 5.40 lakh crore

Andhra Pradesh SLBC fixes credit plan at Rs 5.40 lakh crore

Amaravati: Andhra Pradesh’s State-level Bankers Committee (SLBC) on Tuesday finalised the credit plan for 2024-25 at Rs. 5.40 lakh crore.

While Rs 3.75 lakh crore is allocated for the priority sector, Rs 1,65,000 crore is for other sectors.

For the agriculture sector, the SLBC has fixed the credit plan at Rs 2.64 lakh crore, or 14 per cent higher than the previous year. While the credit target for the priority sector for 2023-24 was Rs 3,23,000 crore, the same for the current financial year has been revised to Rs 3,75,000 crore.

The SLBC decided to extend Rs 32,600 crore credit for mechanisation of dairy, poultry, fisheries and farming sectors.

The plan was finalised at the meeting of the SLBC presided over by Chief Minister N. Chandrababu Naidu. He wanted the bankers to give a boost to agriculture and ease the process of sanctioning loans to tenant farmers.

He sought the assistance and encouragement of the bankers in the sectors that generate wealth. He was of the opinion that if the use of the currency notes is completely avoided with 100 per cent digital transactions, corruption can be checked totally.

The Chief Minister said that steps will be initiated to bring all the sectors in the state back on track as all these sectors were completely destroyed due to the policies adopted by the previous government. Since the people had completely reposed faith in this government, Naidu sought the full cooperation of the bankers to achieve this.

Stressing the immediate need to bring down the farming expenses in the agricultural sector, he wanted both the government and the bankers to work in close coordination. He was very particular that the restrictions on sanctioning loans to tenant farmers be relaxed so that they get the loans easily.

A coordination committee with Cabinet Ministers, bankers, and experts will be formed for close cooperation. It will formulate plans on five issues and will work for their implementation. He wanted the banks to focus on the sectors which generate wealth and also take the state to the number one position from the present third position in digital transactions.

The Chief Minister said that the P-4 system will soon be implemented for the alleviation of poverty and wanted the sub-committee to prepare the proposals for the steps to be taken in this regard. He also asked the sub-committee to focus on the steps to be taken to increase skill development among the youth and also said that the panel will discuss how to utilise the bankers’ assistance in creating wealth and increasing the GST.

Agriculture Minister Kinjerapu Atchen Naidu wanted the bankers to encourage horticulture and aquaculture by extending loans to such sectors. Both the sectors were completely ignored by the previous government and if assistance is extended to this the farmers will be benefitted, he added.

Finance Minister Payyavula Kesav said that this government will certainly work to realise the desires of the people but wanted the cooperation of the bankers for this.

Union Bank Executive Director Sanjay Rudra, SLBC convener, C.V.S. Bhaskar Rao and officials from other banks were present at the meeting.