The Hindu : Tamil Nadu News : Karur ACP envisages Rs.501.03-cr. credit outflow

Online edition of India's National Newspaper
Sunday, Jun 27, 2004

Tamil Nadu

Tamil Nadu - Others

Karur ACP envisages Rs.501.03-cr. credit outflow

By Our Staff Reporter

The Collector, G. Ramamoorthy (middle), releasing the Annual Credit Plan at Karur on Friday. The RBI Lead District Officer, R. Sampath, is receiving the first copy.

KARUR, JUNE 26 . The annual credit plan (ACP) 2004-05 for Karur district envisages a credit outflow of Rs.501.03 crores, an increase of Rs.30.76 crores over that of the last year's ACP.

Launching the ACP here on Friday, the Collector, G. Ramamoorthy, called upon bankers to actively participate in government-sponsored schemes such as the New Anna Marumalarchi Thittam, which would help to establish agro-based industries in the rural belt. At the same time, he advised the officials to ensure that the beneficiary utilised the loan properly and repaid dues in time.

While the banks in the district were able to achieve the targets in the past three years, there was a shortfall from the target for the agriculture sector last year, perhaps owing to adverse climatic conditions, which affected farm operations in the district. Better climatic conditions this year could help us to reach the target, Mr. Ramamoorthy said.

The Collector urged the bankers to lend more to women self-help groups in a bid to improve the lot of rural women. The bankers should help SHGs to utilise fully the subsidy of Rs.1.28 crores allotted under the Swarna Jayanthi Gram Swarozgar Yojana for the district for the current fiscal year. He assured the bankers that the district administration would help the bankers in their efforts to recover bad debts and long outstanding.

Out of the Rs.501.03 crores credit envisaged for the district, the agriculture sector would get

Rs.199.57 crores, while the advances to the priority sector had been fixed at Rs.242.71 crores. The credit outflow target for the services sector had been fixed at Rs.58.75 crores.

The Senior Regional Manager, Indian Overseas Bank, Erode, CT. Chockalingam, said a review of the last year's achievements of the banks revealed that they had achieved 102 per cent of the budgeted ACP.

As of March, the total deposits with the banks in Karur district stood at Rs. 1,123.60 crores while they had advanced Rs. 841.98 crores. The Credit Deposit Ratio was 75 per cent as against the Reserve Bank of India norm of 60 per cent. Banks had registered 65 per cent advances to the priority sector against the RBI norm of 40 per cent, 23 per cent to the agriculture sector while the RBI norm was only 18 per cent, which showed their good work.

A total of 355 recovery camps were conducted all over the district in the last fiscal, in which outstandings worth Rs. 36.99 lakhs were recovered. During the current fiscal, Rs. 3.12 lakhs have been recovered at the 41 recovery camps held so far.

Under the Prime Minister's Rozgar Yojana, against the target of 394 for last year, 407 applications for loans worth Rs.157.39 lakhs were sanctioned, of which 298 applications for loans worth Rs. 105.26 lakhs were disbursed.

The lead district officer, RBI, R. Sampath, complimented the bankers on their performance in achieving targets for the last year and urged them to improve their lending under the DRI scheme to reach the RBI norm of 12 per cent.

According to new regulations, there was no need for margin money and security for loan up to Rs. 50,000 for agriculture sector advances. For setting up an agricultural clinic and agri business centre, there was no need for margin money and security up to Rs. five lakhs, he added.

The Project Officer, District Rural Development Agency, T. Kannan, the Project Officer, Mahalir Thittam, M. Raja Mohan, and the Lead District Manager, A. Manoharan, were among those who spoke.

Printer friendly page
Send this article to Friends by E-Mail

Tamil Nadu

News Update

Stories in this Section

Karur ACP envisages Rs.501.03-cr. credit outflow

Farmers seek desilting of channels

Public participation in crime prevention initiated