Bhubaneswar: The state’s credit disbursement swelled to around Rs 90,000 crore at the end of September this fiscal, which is more than 56 per cent of the target. This year, a total loan target of Rs 1,60,000 crore of Credit flow has been envisaged in annual Credit Plan (ACP) has been set.
According to information received in the recently held state-level bankers’ committee meeting, the amount of loan disbursement in the state has increased in the current financial year as compared to the previous financial year.
At the end of September this financial year, various banks in the state have disbursed loans worth Rs 89,873.44 crore, which is 56.07 percent of the ACP. This is more than 19 per cent compared to the corresponding period of the last financial year.
Axis Bank is at the forefront of lending. The bank has provided 75.36 per cent of the target, followed by ICICI Bank with 72.52 per cent. Similarly, HDFC performed 63.81 per cent, Odisha Gramin Bank 63.56 per cent, while State Bank of India, one of the leading public sector banks in the state, disbursed loans of Rs 27,619.05 crore, which is 30.73 per cent of the target.
Fourteen districts of the state are at the forefront of getting loans. In these districts, more loans have been provided than the target. Bargarh is at the forefront of this.
The district has given 78.11 per cent loans, followed by Sundargarh (73.10 per cent), Cuttack (69.63 per cent) and Kalahandi (66.26 per cent). Similarly, 36.07 per cent loan has been given in Balasore, 36.40 per cent in Jajpur, 40.30 per cent in Kendrapara and 44.36 per cent in Rayagada.
However, in Khordha district, which is the state capital, 19,843. 69 per cent of the loans have been allocated which is only 22.08 per cent of the target.
According to financial experts, Credit Deposit Ratio (CDR) has also increased due to the increase in the amount of credit disbursed in the state.
It stood at 81.75 per cent at the end of September this fiscal. Earlier, this amount was at a low level.
Earlier, banks used to collect large amounts of deposits from the state while lending was not commensuration of the level of deposit collection.
However, due to regular monitoring by the senior officials of the state government to increase the lending from various sectors, the banks have shown inclination in this regard, due to which the credit mark in the state is close to Rs 90,000 crore as on 30 September, 2023.
