SLBC releases annual credit plan worth Rs 5.4 billion

Vijayawada: The State Level Bankers’ Committee (SLBC) has released an annual credit plan of Rs 5.4 lakh crore for 2024-25. The committee’s meeting was held at the Secretariat on Tuesday under the chairmanship of Chief Minister N Chandrababu Naidu.

Of the total annual credit plan, Rs 3.75 lakh crore has been earmarked for priority sectors and Rs 1.65 lakh crore for other sectors. The annual credit plan includes Rs 2.64 lakh crore for the agriculture sector, which is an increase of 14 per cent over the previous year’s credit plan.

Speaking on the occasion, Chief Minister Chandrababu Naidu appealed to bankers to give priority to the agriculture sector. He said loans should be provided to tenant farmers and emphasised the need for coordination between the state government and bankers.

He said a committee will be formed along with bankers, ministers and agriculture experts to achieve good results. The committee will prepare plans to implement the SLBC decision. He said bankers should encourage digital payments to curb corruption. He also urged banks to cooperate in increasing GSDP.

The credit scheme includes an amount of Rs 32,600 crore for improving agricultural infrastructure, Rs 87,000 crore for the SME sector, Rs 11,500 crore for housing and Rs 8,000 crore for the renewable energy sector.

Agriculture Minister K Atchannaidu said bankers should lend to horticulture and aquaculture. They should lend generously to develop the dairy sector.

Finance Minister Payyavula Keshav said bankers should act as trusted partners of the state government to fulfil the aspirations of the people.

Union Bank Executive Director Sanjay Rudra, SLBC Coordinator CVN Bhaskar Rao and other officials were present.