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Our Bureau

Thiruvananthapuram, Sept. 27 Banks in the district have been asked to support the National Rural Employment Guarantee Scheme (NREGS) by opening hassle-free savings bank accounts.

The call was made during the second district-level review meeting of banks held here convened by Indian Overseas Bank, the lead bank.

Inaugurating the event, Mr Varkala Radhakrishnan, MP, instructed banks to scale up disbursement of agricultural credit. He suggested that banks play a role in cranking up power generation in the State.

Speaking on the occasion, Mr Pannian Raveendran, MP, said that banks need to be more liberal in sanctioning credit for self-employment.

Ms J. Arundhati, MLA, and Mr V. Surendran Pillai, MLA, observed that prompt repayment of loans is essential for recycling of scarce resources. All agencies should try to develop a repayment culture to avoid coercive steps for recovery.

Under the Agricultural Debt Waiver Scheme, banks in the district distributed assistance to the tune of Rs 341.75 crore spread across 1.28 lakh accounts to eligible farmers.

Priority credit disbursements during the first quarter crossed Rs 498.58 crore.

The agricultural sector accounted for Rs 263.10 crore and the services sector Rs 206.07 crore, followed by the non-farm sector at Rs 29.42 crore.

Total bank deposits stood at Rs 20,191 crore and advances Rs 13,866 crore.

The credit-deposit ratio for the district is at 69 per cent. Outstanding advances to the priority sector at Rs 6,660 crore were 48 per cent, much above the benchmark of 40 per cent.

More Stories on : Rural Development | Public Sector Banks | Employment

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