Telangana banks loaned ₹ 22,936 crore in the first six months (April-September) of this fiscal year for the Vanakalam (Kharif) crop year, reaching 71.82% of target.
Overall, 43% of the short-term production (harvest) loan target, including for the current Rabi season, had been met. These figures were shared following the meeting of the State-level Bankers Committee (SLBC) on Monday which reviewed the performance of banks for the June and September quarters.
According to a statement, SLBC Chairman and SBI Managing Director Om Prakash Mishra made a presentation, said banks had disbursed ₹ 10,791 crore in agricultural term loans for investment credit, agro-allied, agro-infra and agro-food activities until September of this fiscal year.
Total deposits of banks in the first half of the current fiscal year stood at ₹ 5.34,031 crore, which is ₹ 49,591 crore or 10.24% more than in March 2020. Bank advances increased by ₹ 21,823 crore or 3.83% from March 2020, to ₹ 5.92,241 crore in the first six months of 2020-2021.
As at September 30, the CD ratio stood at 110.90% against 117.75% at March 31 due to a disproportionate growth in advances on deposits, the press release said.
During the same period, banks disbursed loans of ₹ 63,351 crore under the priority sector, thus reaching 52% of the annual target.
According to the statement, as part of the COVID-19 assistance, ₹ 231 crore was paid out to eligible farmers as a 10% emergency line of credit and that 68,190 SHG members provided a loan of ₹ 370 crore . Under the PM SVANidhi program, banks sanctioned loans to 3,21,340 street vendors and disbursed ₹ 10,000 each to just over 2.07 lakh beneficiaries.
Senior officials from the Telangana government headed by Chief Secretary Somesh Kumar, Finance Secretary K. Ramakrishna Rao, senior bankers including SBI MP MD Sanjeev Nautiyal and Financial Services Department economic adviser Lalit Kumar Chandel attended the meeting.