Hyderabad: Despite being impacted by the Covid-19 pandemic, banks in Telangana state have registered a growth of nearly 10 per cent in dispensing loans during 2020-21. “Total advances grew by Rs 56,621 crore or 9.92 per cent during the year," said SBI deputy managing director Om Prakash Mishra, who is president of the State-Level Bankers Committee (SLBC).
Total advances of all banks stood at Rs 6,27.039 crore.
For the current financial year, the SLBC has an annual credit plan outlay of Rs 1,86,035 crore. Of this, the share of the priority sector is Rs 1,43,954 crore, which is 77.38 per cent of the credit outlay.
Of the total outlay, 49.2 per cent will be channelled into the agriculture sector with a target to disburse loans worth Rs 91,541 crore. For the micro, small and medium enterprises (MSME) sector, loans worth Rs 39,361 crore (21.16 per cent) will be extended.
Releasing the SLBC report, finance minister T. Harish Rao said despite Covid financial crisis, the state government had transferred Rs 7,360 crore Rythu Bandhu into the accounts of over 61 lakh farmers within a week. He asked bankers not to adjust or divert Rythu Bandhu amount for previous crop loan arrears of farmers towards payment of interest on crop loans.
Banks have seen a higher growth in deposits at 18.05 per cent in the last fiscal year, as compared to growth in advances.
According to an SLBC press release, bank deposits have grown by Rs 87,469 crore during FY 20-21, with total deposits standing at Rs 5,71,909 crore. Of this, banks have lent Rs 41,200 crore during Kharif and Rabi crop seasons, while the industry received term loans amounting to Rs 16,816 crore.
The minister asked bankers to expedite sanctioning of crop loans as Kharif agriculture activity has picked up across the state and help farmers to purchase seeds and fertilisers on time.
"All banks together have disbursed Rs 1,03,126 crore to borrowers under priority sector, achieving 84.04 per cent of annual targets," the SLBC statement said.
Under the Pradhan Manthri Mudra Yojana Scheme, banks have disbursed Rs 6,445 crore against a target of Rs 5,197 crore.
The finance minister urged bankers to extend more Mudra loans to small traders.
He said the state government has taken steps to administer the Covid vaccine to entire banking staff in the state soon....