The Hindu : Tamil Nadu / Nagapattinam News : Bankers told to implement farm credit package

Online edition of India's National Newspaper
Thursday, Nov 25, 2004

Tamil Nadu

Tamil Nadu - Nagapattinam

Bankers told to implement farm credit package

By Our Staff Reporter

NAGAPATTINAM, NOV.24 . The Nagapattinam Collector, M. Veera Shanmugha Moni, today advised bankers to implement the Government's special farm credit package effectively and stressed that the individual branches of commercial banks should achieve the target.

Presiding over the third district consultative committee meeting for Nagapattinam district, organised by Indian Overseas Bank, lead bank of the district, the Collector observed that the flow of credit had increased compared to last year. He said that under the Swarnjayanthi Gram Swarojgar Yojana (SGSY), 2,371 groups had so far been provided with revolving fund and 501 groups provided with economic assistance.

The Collector pointed out that that during the current year 107 groups were provided with an assistance of Rs.4.14 crores. Under the Prime Minister's Rozgar Yojana (PMRY) scheme, nearly Rs.77 lakhs was sanctioned to 206 beneficiaries so far against the revised target of 500. There were 7,826 women self-help groups in the district with a total 1.29 lakh members. The banks had so far provided an assistance of Rs.36.30 crores to 5,246 groups and it has been proposed to link the remaining eligible groups by the end of next month.

G.Jayachandran, Senior Regional Manager, Indian Overseas Bank, assured the district administration that the special farm credit package would be achieved in the district. He pointed out that banks had already provided term loans for more than 400 projects and short-term loans to the tune of Rs.113.74 crores till the end of last month.

Hemavathi Santhanam, Assistant General Manager, Reserve Bank, Chennai, stressed the need to improve the credit-deposit ratio to the desired level. She also advised the banks to increase the credit flow to women SHGs to increase the CD ratio.

S.Vijayakumar, lead district manager, Nagapattinam, reviewing the performance of the banks under the annual credit plan, said that the banks showed a performance of Rs.83 crores against the target of Rs.110 crores under farm sector for the quarter ending September this year. He appealed to the bankers to achieve the target fixed under the ACP.

S.Jayakumar, Project Officer, District Rural Development Agency, reviewed the performance of banks under the SGSY programme.

District co-ordinators of commercial banks, officials and representatives from of non-government organisations attended the function.

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Bankers told to implement farm credit package