Bhubaneswar: While the State Government has set a target for the Banks to extend Rs.15,000 Crore Credit to the Self Help Groups(SHG)s in Odisha, Bankers have disbursed Credit of Rs.5763.86 Crore as on 30 September, 2023.
State Government in Department of Mission Shakti has set the financial target of Rs.15,000 Crore of Credit for 2023-24. Latest review on Credit Disbursement reveals that 45,046 SHGs have been extended the amount of Rs.5763.86 Crore.
This achievement is only 38.43 Percent of the Annual Target for 2023-24 and Bankers have been reminded about the Annual Target and Annual Credit Plan, which needed to be implemented during this Financial Year.
Average Loan Size per SHG has been increased to Rs.3.82 Lakh, which is needed to be increased up to Rs.4 Lakh per SHG, officials say.
Principal Secretary Finance, Vishal Kumar Dev and Secretary Mission Shakti Sujata Rout Karthikeyan have been urging the Bankers to achieve the target as the State Government has set the target on 5T Mandate.
Several Public Sector Banks have achieved the target beyond 50 Percent and performed well so far extending Credit Facilities to SHGs, some of the major private sector banks are needed to scale up their Credit Plan for helping out the SHGs.
So far districts are concerned, Ganjam has achieved the highest with 59.47 Percent of the target, while Deogarh is second with 52.7 Percent and Mayurbhanj is third with 51.53 Percent.
These districts are ‘Best Performing Districts” for SHG Credit Linkage and these organizations are doing exceedingly well in expanding their financial activities, officials admit.
Similarly Credit Disbursement in Housing Sector is also not up to the mark. As on 30 September, 2023, Banks have extended Rs.2520.63 Crore for Housing Credit.
Achievement in Housing Sector is only 38.11 Percent and there is needed to be more Credit facilities to be extended to the needy, officials say.
Similarly on Education Sector, more is needed to be achieved as only 31.64 Percent of the target has been achieved as on 30 September.
Regular monitoring of the Credit faculties’ for SHG, Housing, Education and Export Sector is being taken up by the State Government.
Now the Banks are to scale up Credit facilities during coming months, so that Annual Credit Plan Target will be achieved and this will help in imporving economy of the State, said officials.