Financial Daily from THE HINDU group of publications
Friday, Jun 18, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 18, 2004 |
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Money & Banking
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Credit Market Credit offtake is improving: SBI Our Bureau
Mumbai , June 17 STATE Bank of India (SBI) finds a good credit pick up in corporate, agricultural and services sectors. "The credit pick up this year is much better than last year. Several corporates are talking to us about modernisation and upgradation projects,'' Mr A.K. Purwar, Chairman, SBI, told newspersons here on Thursday. On the corporate advances front, the bank maintains the projected growth rate of 16.5 per cent. The bank had experienced a 53 per cent growth in infrastructure financing in the previous year and expects a robust growth this year too particularly in the power sector, he said. Agricultural credit pick-up is also expected to be healthy with good monsoons this year, he said. The bank has a target of disbursing Rs 2,800 crore as agricultural finance in FY 05. This is more than double the amount of Rs 1,360 crore disbursed in the previous fiscal which took the cumulative outstanding to Rs 17,000 crore. The major chunk of this year's credit growth will come from tractor loans, as was the case last year. Tractor loans are targeted to grow by Rs 1,200 crore this year, said Mr C. Sundarashyam, Chief General Manager, Development Banking, SBI, who was also present at the conference. In FY 04, tractor loans grew by Rs 600 crore. The bank has tie-ups with 10 major tractor manufacturers such as Mahindra & Mahindra and Punjab Tractors in place and will sign two more with L&T John Deere and Bajaj Tempo in a month's time. Additionally, SBI has a target of disbursing Rs 1,500 crore in FY 05 towards the SSI sector. As on March 2004, the credit outstanding towards SSI sector had been Rs 13,000 crore. On the services sector, the bank has large exposures to healthcare, education and tourism.
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