Corporate Times

Odisha’s credit potential for FY20 assessed at Rs 75612 cr: NABARD

National Bank for Agriculture & Rural Development (NABARD) conducted the State Credit Seminar for 2019-20 today. On the occasion, the State Focus Paper for the State was released, projecting an overall credit potential for the State of Odisha under Priority Sector at Rs 75612 crore for the year 2019-20. The seminar was inaugurated by Aditya Prasad Padhi, Chief Secretary, Odisha government and attended by other senior officials of the state government and key functionaries of NABARD.

In his welcome address, A Chandrasekhar, Chief General Manager, NABARD explained the process of preparation of State level credit potential, the state credit projection forming the basis of Annual Credit Plan. The document assesses infrastructure available, planned, gaps, and is used as a referral document for planning infrastructure, credit dispensation etc. by all stakeholders. He also said that the Credit projections for Odisha for 2019-20 is at Rs.75612 crore that is based on the potential assessed under various sectors and sub sectors in all the agro climatic zones of the state. He solicited cooperation of the state government, Banks and other stake holders towards achieving the potential. He also highlighted on the important business and developmental initiatives of NABARD in the state.

A P Padhi, Chief Secretary and the Chief Guest on this occasion, congratulated NABARD for publishing a well-researched document. He also mentioned that Odisha is one of the leading beneficiaries of RIDF (Rural Infrastructure Development Fund) loans from NABARD. He emphasized upon increasing the Agri. term loan finance in other allied sector activities such as Animal Husbandry, Poultry, Fisheries etc leading to asset formation and diversification of the income basket of farmers. He also advised RBI and all the bankers to increase their banking outreach in unbanked areas of the state in order to help the State Govt. in effective implementation of various developmental programmes and also increase the scope of digital banking and FI across the state. He also highlighted a coordinated support from all the stakeholders to make Odisha a leading state in Indian economy.

Saurabh Garg, Principal Secretary, Department of Agriculture and Farmers’ Empowerment, complimented NABARD for highlighting the importance of agri and allied sector potential in overall credit potential of the state, as 2/3 rd of state population is dependent on agri and allied activities. He also advised all the commercial banks to increase Agri Term loan financing under various state govt programmes and especially under MMKUY. He also emphasized the bankers to focus on FPO and JLG financing under Agri and allied sector and ensured full support of state government in working with banking sector in the state to improve the rural credit scenario. He complimented NABARD for bringing out a well written document.

M K Mall, Regional Director, RBI also appreciated the efforts of NABARD in bringing out the SFP and holding the State Credit Seminar in time which will facilitate in better credit planning in future. He also highlighted upon the importance of credit planning and PLP in the revamped Lead Bank Scheme of NABARD and advised all bankers to give thrust on agri term loan credit and asset formation.

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