Canara Bank Leads With 10% Lending Growth In Udupi
Updated: Dec 23, 2024 04:39:43pm

Canara Bank Leads With 10% Lending Growth In Udupi
Udupi, Dec 23 (KNN) The banking sector in Udupi district has witnessed substantial growth, with deposits, credit, and financial inclusion metrics marking significant progress.
Sreejith K, Regional Manager of Canara Bank, reported a total banking business increase to Rs 60,519 crore, reflecting a robust 10.47 per cent growth compared to the previous year. The net rise of Rs 5,734 crore underscores the district's financial dynamism.
Speaking at the Udupi district-level consultative and review committee meeting chaired by Zilla Panchayat CEO Prateek Bayal, Sreejith highlighted key performance figures.
The district’s total bank credit surged to Rs 19,535 crore, a net increase of Rs 1,787 crore, achieving a 10.06 per cent growth. Bank deposits also rose to Rs 40,984 crore, with a net increase of Rs 3,947 crore, marking a growth of 10.66 per cent.
Despite these gains, the credit-deposit (CD) ratio slightly declined to 47.66 per cent, down from 47.92 per cent in the previous year. For the September quarter, Annual Credit Plan (ACP) disbursements stood at Rs 7,556 crore.
The MSME sector showed impressive traction, with Rs 1,979 crore disbursed, meeting 57.76 per cent of the target. Agricultural lending reached Rs 1,506 crore, achieving 52.53 per cent of its target.
Under the Pradhan Mantri Employment Generation Programme (PMEGP), 261 loans were disbursed, exceeding the target of 131. This initiative provided Rs 28.34 crore in bank credit, boosting entrepreneurship and job creation.
Additional disbursements included Rs 1,233 crore for weaker sections, Rs 83 crore for student education loans, and Rs 136 crore for housing, bolstering sustainable development in key economic areas.
Udupi-Chikkamagaluru MP Kota Shrinivas Poojary emphasised the need for bank officials to prioritise financial assistance for beneficiaries trained under the Pradhan Mantri Vishwakarma Yojana, further supporting skill development and economic empowerment.
With consistent growth across multiple sectors, Udupi's banking industry remains a crucial driver of regional economic development.
Canara Bank's leadership highlights the collaborative effort among financial institutions to foster sustainable and inclusive growth.
(KNN Bureau)