Money & Banking

Cannot afford lockdown, take precautions: Canara Bank ED

Our Bureau Bengaluru | Updated on April 28, 2021

Manimekhalai, Executive Director, Canara Bank

Karnataka’s annual credit plan outlay sees 35.78% increase

Karnataka’s annual credit plan (ACP) outlay has been increased by 35.78 percent at ₹4.96-lakh crore for financial year (FY) 2021-22, as compared with ₹3.65-lakh crore in FY 2020-21.

Total priority sector credit is fixed at ₹2.92-lakh crore, an increase of 14.24 percent over the previous year’s ₹2.55-lakh crore. Share of agriculture credit is fixed at ₹1.25 lakh crore, constituting 43.09 percent of total priority sector credit. Crop production credit is ₹71,923.31 crore comprising 57.09 percent of total agriculture credit. The share of MSME is ₹1.11-lakh crore, education loan is ₹5,969.86 crore, housing loan ₹30,164.89 crore and other sectors ₹9,498.22 crore.

Speaking after launching the State’s ACP 2021-22, Manimekhalai, Executive Director of Canara Bank said “ The country is on the verge of one more uncertainty but cannot afford one more lockdown, we have to be more careful, should take all precautionary measures and continue to observe all Covid protocols.”

“All stakeholders have to put in efforts for survival and revival of the economy,” she added.

Talking about providing immediate relief to the vulnerable and affected segments, Manimekhalai, said “Central government has come out with many schemes to rebuild economy with the help of State government, RBI and NABARD through schemes like agriculture infrastructure fund, coverage of 10,000 FPOs, formalisation of micro food processing enterprises (FME) with ODOP (One District One Product) concept etc.”

The State as a whole has achieved 80.62 percent of ACP under MSME, 77.97 percent under agriculture and 102.27 percent under total credit at the end of the third quarter of FY 2020-21.

Published on April 28, 2021

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