NABARD Estimates Credit Potential Of Odisha At Rs 1,60,280 Cr For 2023-24

Bhubaneswar: National Bank for Agriculture and Rural Development (NABARD) has projected the credit potential of Odisha under priority sector at Rs 1,60,280 crore for 2023-24, around 19 per cent higher than that of the current fiscal.

This was projected at the State Credit Seminar for 2023-24 conducted by NABARD on Wednesday. The seminar was inaugurated by Shri Finance Minister Niranjan Pujari and attended by Development Commissionerissioner P K Jena.

The meeting was attended by Principal Secretary, Finance, Vishal Kumar Dev, RBI Regional Director  H N Panda, and Convenor of SLBC Goutam Patra and other dignitaries from banking and state government departments.

Inaugurating the seminar, the Finance Minister emphasised the need for increasing the bank credit for priority sector in the state as the government has been actively supporting through various schemes like Balaram, Kalia, Samrudhi, Millet Mission, FPOs etc. It is time for banks to increase the credit flow for private capital formation substantially in the state, he said.

Stating that the government has been creating the enabling infrastructure and investment in the state for effective growth in agriculture sector, Pujari said banks have to provide credit for the economic benefits to percolate to farmers.

The Minister urged bankers to come forward to finance value chains, innovative new-age projects for furthering the development of agriculture sector and increasing the income of farmers.

Chief General Manager (CGM) of NABARD C Udayabhaskar viewed that concerted efforts need to be made for increasing the credit flow to priority sector, and agriculture and allied sector in particular.

Noting that NABARD has set the priority sector target for 2023-24 at 19% higher than that of 2022-23, he stressed the need for increasing the area under irrigation and expansion of rabi crops.

He said NABARD has been increasing its support for Odisha under the rural infrastructure development, tribal development, watershed development and micro entrepreneurship development among SHG women and other developmental activities leading to growth in the rural livelihood.

P K Jena said Odisha has been growing faster and banks have to improve the quality of lending, while all stakeholders should make efforts to achieve the current year targets. Demand needs to be created at grass roots level and KCC should be broad based to support allied activities, he said.

Jena also said start-ups also need credit and banks have to come forward. Allied sectors such as dairy, goatery, fisheriesb have tremendous potential and banks have to increase the credit flow to the sector, he said.

Vishal Dev said the credit flow from banks to the priority sector in Odisha needs lot of urgent improvement and attention. He called for removal of regional disparity in the state in terms of financial services and coordinated efforts for paving way for sustained development

H N Panda stressed the importance of bringing low CD ratio districts out of the frame and advised banks to expand credit dispensation. He asked banks to be aspirational as Odisha is a growing and an aspirational state  should be having the highest CD ratio in the eastern region of the country. He also stressed upon the need for aggressive penetration of banking services into the unbanked areas.

Goutam Patra, Convenor, SLBC deliberated on the usefulness of credit planning document and urged bankers to collaborate with various stakeholders to achieve the target set under Annual Credit Plan (ACP) 2022-23.

A book “Pratidhvani”, highlighting the successful interventions of NABARD in various districts, was released on the occasion. Further, FPO loan mela, targeting to credit link 100 FPOs in 100 days was launched through NABKISAN, a subsidiary of NABARD. Five FPOs were handed over the sanction letter of NABKISAN loan.