CUDDALORE:
Collector P.Seetharaman launched the Annual Credit Plan for the current financial year of 2011-2012 with a total outlay of Rs.1,662.55 crore at his camp office here on Saturday.
The allocation is higher by Rs.214.02 crore, an increase of Rs.14.77 crore, over that of the previous financial year's Rs.1,448.53 crore. The Collector said that since Cuddalore was primarily an agrarian district, the lion's share of Rs.1,150.86 crore (69 per cent of the ACP) had been earmarked for agriculture.
While the share of the other priority sector would be Rs.442.49 crore (27 per cent), exposure to the non-farm sector credit would be only Rs.69.20 crore (four per cent).
The Collector noted that a total number of 3,73,335 people would benefit from the new ACP, and of them 21,000 would be beneficiaries of various government-sponsored schemes to the tune of Rs.135.40 crore. The ACP had made provision for extending crop loans to the extent of Rs.972.64 crore, for minor irrigation – Rs.64.22 crore, farm mechanisation – Rs.39.59 crore and for dairy development – Rs.25.08 crore.
While nationalised banks would take up the major responsibility of disbursing 78.62 per cent of the credit, the share of the cooperative banks would be 15.38 per cent. The Collector said that in the previous year, the commercial banks gave away credit totalling Rs.1,752.72 crore, far in excess of their aggregate target of Rs.1,307.05 crore, an achievement of 121 per cent. On the occasion, the banks had been directed to ensure that all agricultural jewel loans as well as crop loans were brought under the crop insurance scheme.
The crop insurance premium was highly subsidised by the government and therefore the scheme would be beneficial to farmers and banks because it would act as a risk mitigation mechanism. The banks were also cautioned that if they did not adhere to the guidelines they would have to forego interest subvention on crop loans and also classify the entire agriculture jewel loans (carrying an interest rate of 7 per cent) as non-priority advances (carrying higher percentage of interest).
It was also brought to the notice of the district administration that the repayment of the loans sanctioned under the government-sponsored schemes, to the self-help groups, and educational loans were irregular and overdue and the amount thus given away had to be classified as non-performing assets. The defaulters were not even responding to the legal notices or the field-level officials. The lead bank (Indian Bank) had asked the banks concerned to furnish the details of the overdue amount for taking necessary recovery measures.
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