SLBC releases Rs 5.4L cr annual credit plan

Vijayawada: The state-level bankers committee (SLBC) released annual credit planof Rs 5.4 lakh crore for 2024-25. The committee meeting was held at the Secretariat on Tuesday under the chairmanship of Chief Minister N Chandrababu Naidu.

Of the total annual credit plan, Rs 3.75 lakh crore was allocated for priority sectors and Rs Rs 1.65 lakh crore to other sectors. The annual credit plan includes Rs 2.64 lakh crore for agricultural sector which is a 14 per cent increase compared to previous year’s credit plan.

Speaking on the occasion, Chief Minister Chandrababu Naidu appealed to bankers to give priority or agricultural sector. He said loans should be sanctioned to tenant farmers and stressed the need for coordination between the state government and bankers.

He said a committee will be formed along with bankers, ministers and agricultural experts to achieve good results. The committee will prepare plans for implementation of the decisions of SLBC. He said bankers should encourage digital payments for to curb corruption. He also urged the banks to cooperate in increasing the GSDP.

The credit plan includes Rs 32,600 crore for improving agriculture infrastructure and Rs 87,000 crore for MSME sector, Rs 11500 crore for housing and Rs 8,000 crore for renewable energy sectors.

Minister for agriculture K Atchannaidu said that bankers should extend loans to horticulture and aquaculture. They should provide loans liberally to develop dairy sector.

Finance minister Payyavula Keshav said that bankers should act as a trusted partners of state government to fulfil the aspirations of people.

Union Bank executive director Sanjay Rudra, SLBC convener C V N Bhaskar Rao and other officials were present.