Money & Banking

AP banks cross 60% of annual loan plan for FY22

Our Bureau | | Updated on: Dec 08, 2021
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Over ₹1.71-lakh crore has been disbursed as of September 30

Public Sector Banks in Andhra Pradesh have reached 60 per cent of the target for loan disbursals in the first half of the current financial year.

Data released by the State Level Bankers Committee (SLBC) in its meeting held in Amaravati shows that banks disbursed 60.53 per cent of the annual loan plan of ₹2,83,380 crore. Over ₹1.71-lakh crore has been disbursed as of September 30.

The annual loan target for priority sectors for FY22 is ₹2,13,560 crore and banks have lent 47.29 per cent of it totalling ₹1,00,990 crore, as per SLBC data.

Directed loans

Addressing the bankers, Chief Minister Y S Jagan Mohan Reddy said a burden of ₹30,000 crore was imposed on the State government due to the pandemic and it was able to alleviate the situation with the cooperation of the banking sector. He requested bankers to focus on disbursing agriculture term loans and providing Kisan Credit Cards to farmers who didn’t receive them yet. Tenant farmers should get loans and banking services need to be started in 4,240 Rythu Bharosa Kendras (RBK), he added.

Also see: AP Govt to waive ₹10,000 crore worth home loans of poor under OTS scheme: CM Jagan Reddy

Reddy also urged the bankers to provide ₹35,000 as loan at three per cent interest to women under the housing scheme for the poor.

Raj Kiran Rai, MD & CEO, Union Bank of India and President of SLBC-AP assured support to the State government from banks. The requests of the State government for ATMs and banking services in RBKs would be examined, he added.

Published on December 08, 2021

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