Title: State-Level Bankers’ Committee Reports Record Loan Disbursement and Deposit Increase
The 40th quarterly meeting of the State Level Bankers’ Committee (SLBC) in Hyderabad shed light on the financial achievements of the banking sector in the state. According to the committee’s report, a staggering Rs. 49,501 crores have been disbursed as crop loans to farmers in the fiscal year 2023-24, marking 67.41 percent achievement against the target of Rs. 73,438 crores.
The report further outlines that a total of Rs. 87,270 crores have been allocated in agriculture sector loans, with 77.39 percent of the targeted loans being sanctioned. Additionally, Rs. 623.71 crores have been distributed in education loans and Rs. 2,889.65 crores in housing loans, demonstrating the financial support extended to various sectors.
Moreover, micro, small, and medium-scale industries received a substantial boost, with Rs. 85,800 crores allocated to them. The total credit plan, encompassing both priority and non-priority sectors, witnessed an impressive disbursement of Rs. 5,00,094.48 crores, doubling the intended target of Rs. 2,41,775 crores.
In terms of deposits, banks in the state have seen a remarkable influx, reaching a total of Rs. 7,55,800 crores in the fiscal year. This reflects a significant increase of Rs. 72,795 crores compared to the previous year, indicating growing confidence and financial activity within the banking sector.
The SLBC report underscores the substantial strides made in extending financial assistance to various sectors, particularly agriculture, alongside the remarkable rise in deposits, showcasing a robust performance by the state’s banking institutions.
