Financial Daily from THE HINDU group of publications
Wednesday, Aug 18, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 18, 2004 |
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Farm credit Money & Banking - Farm credit Agri-Biz & Commodities - Farm credit Chidambaram to review farm loans Our Bureau
New Delhi , Aug. 17 THE Finance Minister, Mr P. Chidambaram, has decided to review the 2004-05 agricultural lending programme of public sector banks in a meeting to be held at Delhi on September 9. The meeting has been called in the wake of the policy package announced by the Finance Minister on June 18 for doubling the flow of agriculture credit in three years and to increase the flow of agriculture credit by 30 per cent during the current financial year. Commercial banks have been asked to set bank-wise and State-wise targets and to ensure adequate flow of agriculture credit to meet the targets set under the package. A review of the performance of banks for 2003-04 by the Finance Ministry has shown that only seven public sector banks and three private sector banks have achieved the 18 per cent target set for agriculture lending for the year. These banks are Allahabad Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, State Bank of Indore, State Bank of Patiala and State Bank of Saurashtra in the public sector and Ganesh Bank of Karudwadi, ICICI Bank and SBI Commercial Bank in the private sector. A target of 18 per cent of net bank credit has been stipulated for domestic scheduled commercial banks for agricultural lending for 2003-04. A Finance Ministry release said that although the amount of outstanding advances to agriculture in absolute term has increased, both in public sector and private sector banks during 2003-04, the outstanding agriculture advances of the public sector banks as on March 31 was Rs 86,681 crore constituting 15.58 per cent of the net bank credit as against Rs 73,507 crore and 14.8 per cent respectively during 2002-03.
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