The National Bank for Agriculture and Rural Development (NABARD) has assessed the credit potential for Kallakurichi District for the year 2022-23 at Rs.4648.32 Cr, registering a 4.87 percent increase over the current year projection of Rs.4432.33 Cr.
Releasing the PLP, Mr.P.N Sridhar, District Collector advised banks to focus their lending towards small and marginal farmers, micro and small enterprises, SC/ST, women borrowers and farmers collectives and also cover farmers under the PMFBY, so as to offset their losses in agriculture.
A Bhama Buvaneswari, District Development Manager, NABARD said the credit potential for agriculture has been estimated at Rs.3656.52 Cr which includes short-term credit of Rs.2208.36 Cr.
The credit potential for Micro, Small and Medium Enterprises is estimated at Rs.276.46 Cr, of which the Working Capital and Term Loan are Rs.185.50 Cr and Rs.90.96 Cr respectively.
Credit potential for export, education, and housing has been estimated at Rs. 300.20 Cr. Credit potential for infrastructure covering social infrastructure through bank credit and renewable energy has been estimated at Rs.43.88 Cr. Credit potential for loans to Self Help Groups (SHGs) and Joint Liability Groups (JLGs) has been estimated at Rs.371.25 Cr.
Since increasing the farmers’ income is a priority of both the central and state governments, Integrated Farming Systems (IFS) has been introduced as a sub-sector under Farm Credit and credit potential has been assessed at Rs. 1.95 Cr.
She said that while enhancing farmers’ income becomes imperative, ensuring sustainable growth in their incomes is of utmost importance stressing that banks need to focus on capital formation in agriculture, which could be achieved by leveraging the government subsidies, wherever available.
D Muneeswaran, Lead District Manager (LDM) said that the PLP will help the banks in fixing realistic targets under Priority Sector for the year 2022-23 and achieving them.