Annual credit plan of Rs 41 lakh crore proposed for 2024-25 for Maharashtra

Mumbai, June 25 (IANS) The Maharashtra State Level Bankers Committee (SLBC) meeting chaired by Chief Minister Eknath Shinde on Tuesday proposed an annual credit plan of Rs 41,00,286 crore for 2024-25 against Rs 33,90,601 crore, which is 20.93 per cent higher than the previous year.

Of the total Rs 41,00,286 crore, the priority sector lending is proposed at Rs 6,78,541 crore.

The thrust areas other than agriculture, including MSME, housing and education covered in priority sector is at Rs 5,05,186 crore.

Amid strong objection by farmers, Shinde directed that the banks should not make the CIBIL Score condition mandatory while granting crop loans.

The CIBIL Score works as a first impression for the lender. The higher the score, the better the chances of the loan being reviewed and approved.

During 2023-24, of the total annual credit plan of Rs 33,90,601 crore, the state's achievement was of the order of Rs 38,70,381 crore which is almost 114 per cent.

The overall achievement under priority areas was Rs 6,40,295 crore which is 98 per cent of the target of Rs 6,51,401 crore.

For the agriculture sector, the banks have provided credit worth Rs 1,54,120 crore against the target of Rs 1,68,481 crore in 2023-24.

Shinde said that the state government stands firmly behind the farmers as agriculture is the backbone of the state economy. Banks should support farmers in times of trouble, and they should be more liberal in providing crop loans to small and marginal farmers.

"If the banks do not provide financial support to the farmers during the crisis, they have to raise money through other sources. This is why they resort to extreme steps like suicide," he added.

Shinde said that it was decided at the meeting that priority should be given to the strengthening of district central cooperative banks and primary agricultural credit societies in the state.

"Banks should make efforts to strengthen these institutions for farmers. Urban cooperative banks, agricultural credit institutions, and district banks should be assisted by nationalised banks. Maharashtra has huge potential," he added.

--IANS

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