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Karnataka pegs priority sector credit requirement at ₹2.55 lakh cr for FY21

Anil Urs Bengaluru | Updated on June 19, 2020

Karnataka has pegged its annual priority sector credit requirement at ₹2,55,940 crore for financial year 2020-21, up 20 per cent, as compared to previous year’s ₹2,12,517 crore.

At the Karnataka’s State Level Bankers' Committee (SLBC) meet on Friday, the state’s Priority Sector Credit Plan for 2020-21 was launched by Chief Secretary TM Vijay Bhaskar.

The plan for the State included projections under agriculture credit ₹1,12,199 crore; MSME ₹93,088 crore; education ₹5,805 crore; housing loan ₹27,055 crore; and towards other priority sectors - ₹10,754 crore.

According to Canara Bank’s Executive Director, A Manimekhalai, under Annual Credit Plan 2019-20, banks have disbursed ₹2,00,118 crore as against the annual target of ₹2,12,517 crore. Priority Sector Credit recorded an achievement of 94.17 per cent during 2019-20.

The SLBC meet appreciated the banks for achieving 79.64 per cent under agriculture and allied sector and 170.24 per cent under MSME against targets.

As of March 2020, the State has secured third position at all-India level with respect to Mudra loan disbursement (₹30,186 crore) next to Tamil Nadu (₹35,006 crore) and Uttar Pradesh (₹30, 949 crore).

Published on June 19, 2020

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