VELLORE : Vellore Collector Dharmendra Pratap Yadav has launched here on Tuesday the annual credit plan (ACP) for the district for the year 2007-08, which envisaged an outlay of Rs.921.78 crore under priority sector advances. It is 13 per cent more than the previous year's. Speaking at a District Consultative Committee meeting, organised by the Indian Bank, lead bank here, the Collector called upon the banks to prepare village-level credit plans based on their needs, involving Government officials in the process.

"Though the credit requirements are more and the banks are mobilising surplus savings, the credit achievement is not up to the mark", he noted.

The wealth creation is almost 85 per cent in urban areas, which accounted for only 40 per cent of the population while it was only 15 per cent in rural areas, which constituted 60 per cent of the population. Unless there was a big push to agriculture and allied sectors, inequalities in the society would continue, he said.

The Collector called upon the banks to utilise the potential-linked plan prepared by the National Bank for Agriculture and Rural Development (NABARD), which had made sectoral allocations based on the credit needs assessed at the grassroots-level. He wanted the Agriculture, Horticulture and Agricultural Engineering Departments to work harder to achieve targets.

Indian Bank Vellore Circle Head M. Kathiresan said that the ACP for 2007-08 provides for an allocation of Rs.490.17 crore to agriculture and allied activities (constituting 53 per cent of the total outlay), Rs.49.49 crore to the non-farm sector (6 per cent) and Rs.382.12 crore to other priority sector advances (41 per cent).

During 2007-08, it had been proposed to assist 20,913 self-help groups with a total credit outlay of Rs.51.04 crore under government-sponsored programmes. The share of commercial banks was placed at Rs.693.27 crore, contributing 75 per cent of the credit plan, he said. Y.G. Milton, Assistant General Manager, NABARD Vellore, stressed the need for developing rural tourism even through credit support from the banks. He assured that NABARD itself would provide assistance. There was good potential for developing the tourist infrastructure in Yelagiri Hills, he noted.

V. Ramasubbu, General Manager, District Industries Centre, requested the banks to achieve the target under the non-farm sector. Shajeevana, Project Officer, District Rural Development Agency, and K. Nagarajan, Chief Manager and District Coordinator, State Bank of India, Vellore, spoke. A. Raghunathan, Lead District Manager, Indian Bank, Vellore welcomed. K. Shanmugaraj of Indian Bank Circle Office proposed a vote of thanks.

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