The Hindu : Business : Action plan drawn up for financial inclusion

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Thursday, Dec 21, 2006
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Action plan drawn up for financial inclusion

Staff Reporter

KANNUR: Financial institutions in the district recorded a 66.74 per cent achievement of the target under the 2006-07 annual credit plan (ACP) for the second quarter ended September 30.

This was disclosed at a meeting of the District Level Review Committee and District Consultative Committee chaired by District Collector Ishita Roy here on Tuesday. The meeting reviewed the performance of the banks and other financial institutions in achieving the ACP for the half year and the implementation of various Government-sponsored programmes.

All the financial institutions had surpassed the targets in all major sectors of credit deployment, said Lead District Manager P.N. Vijayan Nair in a release. Under the district credit plan for 2006-07, the second quarter achievement was to the tune of Rs.1,884.19 crore as against the total credit disbursement target of Rs.2,763.31 crore. This constituted 66.74 per cent of the ACP and 139 per cent of the half-yearly plan target, said the release.

Credit disbursement

Under the priority sector advances, there was an impressive achievement of Rs.993.7 crore, which was 54 per cent of the annual target and 114 per cent of the half-yearly target. Credit disbursement under the agriculture sector achieved 102 per cent of the half-yearly target, said the release. It was 112 per cent for small-scale industries, 120 per cent for trade and services and 188 per cent for the non-priority sector.

Commercial banks and cooperative banks had done well by attaining 59 per cent and 58 per cent respectively, while it was 42 per cent for the North Malabar Gramin Bank. However, under the agriculture sector, the cooperative banks could record 31 per cent achievement, while commercial banks and the NMGB recorded 58 per cent and 56 per cent achievement respectively. The meeting also chalked out an action plan to implement 100 per cent financial inclusion by opening bank accounts for all the people in the district by the end of the financial year. The main objectives of the financial inclusion include opening of a bank account for each family in the district in the name of an eligible person, extension of credit and plan to prepare family business plan and village business plan for implementation of programmes and cross-selling of various products and services based on potentiality.

Syndicate Regional Manager D. Padmanabhan and Reserve Bank of India Assistant General Manager N.R. Pillai spoke at the meeting.

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