Latest news with #State-LevelBankers'Committee
Time of India
21-05-2025
- Business
- Time of India
Gujarat NRI deposits record fastest growth in 5 years
Image used is for representational purposes only AHMEDABAD: Gujarat saw a surge in deposits by non-resident Indians (NRIs), which grew by 18% in the 2024–25 financial year, the highest rate of growth in five years. According to the latest State-Level Bankers' Committee (SLBC) report, the value of NRI deposits in banks across the state was Rs 1,09,101.80 crore in March 2025, compared to Rs 92,339.75 crore in March 2024. The increase was attributed to the appreciation of the US dollar against the Indian rupee, which made foreign currency deposits more attractive for NRIs seeking to maximize returns on remittances. The previous financial year saw only a marginal increase of 0.45%. In March 2023, the deposit figure was Rs 91,923.69 crore, which was a 14% increase over the March 2021 figure of Rs 80,182.76 crore. Deposits in March 2020 were Rs 80,109.21 crore, indicating almost no change between 2020 and 2021. Data for the fiscal year ending March 2022 was not made available in the current report. Bankers say that apart from favourable currency trends, several other factors contributed to this upward trajectory. Co-operative banks are also seeing an increase in NRI deposits. Ajay Patel, chairman of the Gujarat State Co-op Bank , said, 'Gujarat has a strong diaspora for decades and they have kept their connection with the state intact. They have been investing in the Indian growth story. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cara Membantu Orang Terkasih Menghadapi Limfoma Limfoma Pelajari Undo Coop banks, which have permission for NRI deposits, have seen an increase in deposits in the last few years.' 'A notable increase in remittances from Gujarat-origin NRIs in the United States, Canada, the United Kingdom and the Gulf countries has led to a rise in NRI deposits. Currency appreciation is a key reason here as depositors will be able to maximize returns. Due to the strong connection with their roots back home, Gujaratis often put their earnings into fixed deposits and other secure banking instruments back home,' said a banking sector source, requesting anonymity. There has also been growing awareness among NRIs about investment opportunities in India, including in real estate, infrastructure bonds and govt-backed schemes, many of which require initial parking of funds through NRI deposit accounts, bankers said. As global uncertainties persist and currency values remain volatile, Gujarat's banks are expected to remain a trusted avenue for diaspora funds in the near term.
The Hindu
29-04-2025
- Business
- The Hindu
Andhra Pradesh's Annual Credit Plan for 2025-26 fixed at ₹6.6 lakh crore
Chief Minister N. Chandrababu Naidu has said Andhra Pradesh will be undertaking various initiatives in the next four years with focus on development, wealth creation, and poverty eradication. 'While aligning with the Swarnandhra Vision-2047, the government is prioritising projects and goals to be completed by 2029. Bankers' support is essential for the growth of any sector in line with demand,' Mr. Naidu said while addressing the State-Level Bankers' Committee (SLBC) meeting at the Secretariat on Tuesday. The Chief Minister urged the banks to extend support and exceed the targets set under the 2025–26 credit plan. He said the bankers should consider how they could contribute to the growth of DWCRA women, tenant farmers, SCs, STs, BCs, and minorities. 'Massive projects are under way in various sectors, and financial assistance is critical. The government intends to promote MSMEs and establish Ratan Tata Innovation Hubs in every constituency with 'One entrepreneur per household' vision,' he said. Mr. Naidu highlighted the Zero Poverty–P4 initiative to eliminate poverty and reduce inequality by 2029. The model was being widely implemented to create wealth and infrastructure, he said. 'Visakhapatnam is making remarkable progress economically and industrially, while Amaravati is being positioned as a hub of future opportunities,' he said, and added that Rayalaseema was being developed as a horticulture hub and a centre for electronics manufacturing. 'The bankers have to focus on the petro corridor. They need to provide direct loans to fishermen, who are losing due to middlemen,' he said. There were abundant opportunities in the 'blue economy' that could be harnessed with the bankers' support, he observed. Noting that the primary reason for conducting SLBC meetings frequently during his tenure was to garner financial backing from the banks for the State's development and improve the living standards, the Chief Minister recalled that the undivided Andhra Pradesh gave priority to services and industries. After bifurcation, with Andhra Pradesh becoming an agriculture-dependent State, the focus shifted. 'The State is also strengthening allied sectors of agriculture through various initiatives,' he said. The bankers assured the Chief Minister that this year's targets would be exceeded. Priority was being given to women entrepreneurs, they said, adding that they were liberally lending to the self-help groups. 'Focus is also being placed on education and housing sectors,' they said. Finance Minister P. Keshav questioned bankers on the declining year-on-year growth rate in the credit plan implementation. While growth was 133% in 2021–22, 163% in 2022–23, and 138% in 2023–24, it dropped to 127% in 2024–25, he pointed out. The total Annual Credit Plan target for FY 2025–26 was put at ₹6.6 lakh crore, a 22% increase over the previous year's ₹5.4 lakh crore. The agriculture sector target was put at ₹3.06 lakh crore. The MSMEs were allocated ₹1.28 lakh crore. The allocation for the priority sector was ₹4.58 lakh crore, while the non-priority sector got ₹2.02 lakh crore. While the credit plan target for FY 2024–25 was ₹5.4 lakh crore, banks had disbursed ₹6.83 lakh crore. Of this, ₹4.14 lakh crore went to the priority sector and ₹2.68 lakh crore to the non-priority sector. For agriculture, the target was ₹2.64 lakh crore, but disbursements stood at ₹3.07 lakh crore, which was 116% of the target. Of this, ₹1.69 lakh crore was disbursed in the kharif season and ₹ 1.37 lakh crore in the rabi season. The MSME sector, which was a high priority to the State, saw disbursements of ₹95,620 crore against the target of ₹87,000 crore, which was 110% of the target. This included ₹49,552 crore for micro enterprises, ₹27,632 crore for small enterprises, ₹18,138 crore for medium enterprises, and ₹298 crore for other segments.
