While Rs 3.75 lakh crore is allocated for the priority sector, Rs 1,65,000 crore is for other sectors.
For the agriculture sector, the SLBC has pegged the credit scheme at Rs 2.64 lakh crore, or 14 per cent more than the previous year. While the priority sector credit target for 2023-24 was Rs 3,23,000 crore, the same for the current financial year has been revised to Rs 3,75,000 crore.
The SLBC decided to provide a loan of Rs 32.6 billion for mechanization of dairy, poultry, fisheries and agriculture sectors.
The plan was finalized in the SLBC meeting chaired by Chief Minister N. Chandrababu Naidu. He wanted bankers to give a boost to agriculture and ease the process of approving loans to tenant farmers.
He sought help and encouragement from bankers in wealth-generating sectors. In his opinion, if the use of banknotes in 100 percent digital transactions is completely avoided, corruption can be completely controlled.
The Chief Minister said that steps will be taken to bring all sectors of the state back on track as all these sectors were completely destroyed due to the policies adopted by the previous government. Since the people had completely reposed their faith in this government, Naidu sought the full cooperation of the bankers to achieve this.
Highlighting the immediate need to reduce farm expenditure in the agricultural sector, he wanted both the government and bankers to work in close coordination. He was very particular that restrictions on loans to tenant farmers be relaxed so that they can get loans easily.
A coordination committee will be formed with cabinet ministers, bankers and experts for close cooperation. You will formulate plans on five themes and work towards their implementation. He wanted banks to focus on wealth-generating sectors and also take the State to the number one position from the current third position in digital transactions.
The Chief Minister said that the P-4 system for poverty alleviation would soon be implemented and wanted the sub-committee to prepare proposals on measures to be taken in this regard. He also asked the sub-committee to focus on steps to be taken to increase skill development among the youth and also said that the panel will discuss how to use the assistance of bankers to create wealth and increase GST.
Agriculture Minister Kinjerapu Atchen Naidu wanted bankers to encourage horticulture and aquaculture by providing loans to these sectors. Both sectors were completely ignored by the previous government and if aid is extended to this sector farmers will benefit, he added.
Finance Minister Payyavula Kesav said that this government will certainly work to realize the wishes of the people, but for this it wants the cooperation of the bankers.
Sanjay Rudra, CEO, Union Bank, SLBC Coordinator, C.V.S. Bhaskar Rao and officials of other banks were present in the meeting.
For the agriculture sector, the SLBC has pegged the credit scheme at Rs 2.64 lakh crore, or 14 per cent more than the previous year. While the priority sector credit target for 2023-24 was Rs 3,23,000 crore, the same for the current financial year has been revised to Rs 3,75,000 crore.
The SLBC decided to provide a loan of Rs 32.6 billion for mechanization of dairy, poultry, fisheries and agriculture sectors.
The plan was finalized in the SLBC meeting chaired by Chief Minister N. Chandrababu Naidu. He wanted bankers to give a boost to agriculture and ease the process of approving loans to tenant farmers.
He sought help and encouragement from bankers in wealth-generating sectors. In his opinion, if the use of banknotes in 100 percent digital transactions is completely avoided, corruption can be completely controlled.
The Chief Minister said that steps will be taken to bring all sectors of the state back on track as all these sectors were completely destroyed due to the policies adopted by the previous government. Since the people had completely reposed their faith in this government, Naidu sought the full cooperation of the bankers to achieve this.
Highlighting the immediate need to reduce farm expenditure in the agricultural sector, he wanted both the government and bankers to work in close coordination. He was very particular that restrictions on loans to tenant farmers be relaxed so that they can get loans easily.
A coordination committee will be formed with cabinet ministers, bankers and experts for close cooperation. You will formulate plans on five themes and work towards their implementation. He wanted banks to focus on wealth-generating sectors and also take the State to the number one position from the current third position in digital transactions.
The Chief Minister said that the P-4 system for poverty alleviation would soon be implemented and wanted the sub-committee to prepare proposals on measures to be taken in this regard. He also asked the sub-committee to focus on steps to be taken to increase skill development among the youth and also said that the panel will discuss how to use the assistance of bankers to create wealth and increase GST.
Agriculture Minister Kinjerapu Atchen Naidu wanted bankers to encourage horticulture and aquaculture by providing loans to these sectors. Both sectors were completely ignored by the previous government and if aid is extended to this sector farmers will benefit, he added.
Finance Minister Payyavula Kesav said that this government will certainly work to realize the wishes of the people, but for this it wants the cooperation of the bankers.
Sanjay Rudra, CEO, Union Bank, SLBC Coordinator, C.V.S. Bhaskar Rao and officials of other banks were present in the meeting.
