Bank credit on the rise in rural Odisha: Centre
Replying to a query from BJD MP Sasmit Patra, the Union minister said the compound annual growth rate (CAGR) of bank credit in Odisha over the last three years is 11.41 per cent while tribal districts like Kandhamal, Koraput and Malkangiri have recorded CAGR of 8.28 pc, 11.79 pc, and 14.25 pc respectively.
Chaudhary said the credit deployment at district level is guided by the annual credit plan (ACP) finalised by the state level bankers' committee (SLBC) based on the potential linked credit plan (PLP) prepared by NABARD.
The ACP outlines district-wise and sector-specific targets for priority sector lending, covering agriculture, MSMEs, and rural development and is finalised in consultation with banks and the state government to ensure alignment with national and state-level financial inclusion objectives. He said the cumulative achievement under the ACP over the last three years stands at 94 pc for Malkangiri, 93 pc for Koraput and 92 pc for Kandhamal, indicating consistent credit deployment in line with approved targets.
In order to enhance banking outreach and credit flow in these regions, various initiatives have been undertaken, including the conduct of credit outreach programmes and financial literacy camps in backward blocks and tribal clusters, deployment of business correspondents (BCs) and customer service points for sourcing and servicing credit, and strengthened monitoring through district consultative committees and DLRCs.
In addition to credit expansion, financial infrastructure in these districts has been strengthened over the past three years. In Kandhamal, the number of BCs rose from 351 to 701 and ATMs from 76 to 88. Similarly, Koraput saw BCs increase from 464 to 1,018, and bank branches from 135 to 148. In Malkangiri, BCs rose from 325 to 559. These enhancements have improved last-mile access to banking services in remote and tribal regions. On credit to deposit (CD) ratio in rural and tribal areas, the Union minister said SLBC conducted assessment on a quarterly basis and issued necessary instructions to banks to improve their performance.
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