HYDERABAD: The annual credit plan for Telangana for the financial year 2018-19 has been pegged at about Rs 1.36 lakh crore, of which 31.08 per cent will be spent on crop loans. In the last financial year, out of the term lending target of Rs 14,447 crore to the agricultural sector, banks disbursed loans of only Rs 10,973 crore, the State Level Banker’s Committee (SLBC) said in its annual credit plan for 2018-19 released here on Thursday.
Finance minister Etela Rajendar, who released the annual credit plan, said, “The Rythu Bandhu scheme of the state government became a success with no delays due to the active participation of the banks and the Reserve Bank of India (RBI) in ensuring cash availability.” Claiming that Telangana was able to do better in rice production than Andhra Pradesh in this Kharif season, he requested banks to consider opening new branches with adequate staff in rural Telangana.
SLBC president J Swaminathan said that in the current financial year (2018-19), agriculture has a major share of 63 per cent credit at Rs 58,063 crore and the MSME segment has a share of 23 per cent at Rs16,465 crore. This year, based on NABARD’s Potential Linked Plan, a moderate increase in the disbursed target to Rs15,568 crore was projected, he said and requested bankers to encourage investment credit and achieve the targets.