Andhra Pradesh launches annual credit plan

Hyderabad: Andhra Pradesh Chief Minister N Kiran Kumar Reddy today launched the annual State Credit Plan with a total outlay of Rs 1.33 lakh crore.

Of the total, outlay for the priority sector has been pegged at Rs 99,894 crore, a 21.57 per cent increase over the last financial year.

Lending to agriculture sector will be Rs 67,224 crore, a 26.90 percent enhancement over the previous year, according to Andhra Bank (lead bank) Chairman and Managing Director and SLBC (State-Level Bankers' Committee) president BA Prabhakar.

Andhra Pradesh Chief Minister N Kiran Kumar Reddy. Image courtesy PIB

Addressing the 181st state-level bankers committee meeting in Hyderabad, Prabhakar said banks in the state lent an aggregate Rs 1,42,900 crore during 2012-13, surpassing the credit plan target of Rs 1,10,417 crore.

Priority sector lending alone touched Rs 99,534 crore against a target of Rs 82,167 crore, he said.

Total disbursements to agriculture sector in 2012-13 stood at Rs 73,648 crore against a target of Rs 52,972 crore.

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He, however, expressed concern over the mounting overdue in respect of agriculture loans that touched 19.31 per cent.

The overdue in respect of loans extended to licensed cultivators (tenant farmers) stood at 40 per cent in 2011-12, Prabhakar pointed out.

He said deposits of banks in the state touched Rs 4 lakh crore, while advances stood at Rs 4,71,623 crore.

Ministers Anam Ramanarayana Reddy, N Raghuveera Reddy, Kanna Lakshminarayana, chief secretary Prasanna Kumar Mohanty and other officials attended the meet.

PTI