Synopsis: State Bank of India Chief General Manager Rajesh Kumar announced that banks in Telangana plan to increase credit disbursement by 161% to approximately 6,33,777 crore for FY25, with priority sector advances projected to rise by 51% to 2,80,551 crore.
State Bank of India Chief General Manager Rajesh Kumar disclosed these figures while presenting the FY24 performance of banks in Telangana at the 41st State Level Bankers' Committee (SLBC) meeting and launching the annual credit plan for FY25 on Wednesday.
Banks in the state are aiming for a 161% increase in credit disbursement for the financial year 2024-25 (FY25), totalling approximately Rs.6,33,777 crore.
Priority sector advances are expected to rise by 51% to Rs.2,80,551 crore, compared to Rs.2,28,988 crore in FY24.
In FY24, banks achieved nearly 124% of their priority sector lending targets, Rajesh Kumar stated.
For FY25, agricultural sector disbursals are projected to increase by nearly 19% to Rs.1,34,138 crore, and disbursals to micro, small, and medium enterprises (MSMEs) are expected to rise by 137% to around Rs.1,29,636 crore.
Additionally, Rs.10,769 crore has been allocated for the housing sector, Rs.2,707 crore for education loans, and Rs.3,302 crore for other sectors.
Reviewing FY24, total deposits grew by Rs.96,547 crore to Rs.7,79,953 crore, and total advances increased by Rs.1,65,162 crore to around Rs.9,79,059 crore.
The cash deposit (CD) ratio, representing the ratio of banks' lendings to total deposits collected, remained above 100%, rising to nearly 126% from 119% in FY23.
During the last fiscal year, banks disbursed Rs.1,07,483 crore to the MSME sector, achieving 197% of the targets, and sanctioned Rs.10,905 crore under the Pradhan Mantri Mudra Yojana.
In conclusion, the State Bank of India's strategic focus on boosting priority sector lending and credit disbursement in Telangana reflects a robust and ambitious financial plan for FY25.
With significant increases projected in various sectors, including agriculture, MSMEs, housing, and education, the banks aim to support broad-based economic growth.
The impressive performance in FY24, with banks surpassing their lending targets and achieving substantial growth in deposits and advances, sets a strong foundation for achieving the outlined goals.
The comprehensive annual credit plan and the targeted incentives underscore the commitment to fostering financial inclusion and driving economic development in the region.
