MSME sector scoops 23% in Cuddalore’s Annual Credit Plan

New Delhi, Apr 5 (KNN) The Annual Credit Plan of Rs6,687.10 crores has been announced for Cuddalore (a district in Poducherry) for the year 2017-18 at the District-Level bankers meeting held recently.

In the credit plan, the micro small and medium enterprises (MSME) and other priority sectors have been allocated Rs1,519.13 crore, accounting for 23.15 per cent of the plan outlay proposed for the priority sector, distinguishing it as the second biggest sector in terms of credit allocation.

Considering the agrarian characteristic of the district, Rs5,041.70 crore, accounting for 76.84% of the plan, has been allocated to agriculture. Of which Rs1,502.95 crore has been allotted for medium- and long-term loans under agriculture for minor irrigation, land development, farm mechanisation, plantation and horticulture crops, fishery and animal husbandry activities.

Further, the plan outlined Rs250 crore to various government-sponsored programmes aiming at reducing the poverty levels in the district.

The plan was prepared by the Indian Bank in synchronisation with the potential linked credit plan prepared by NABARD for Cuddalore district.

Out of the total financial outlay that amounts to Rs6,687.10 crores, commercial banks will share Rs5,390.56 crore, co-operative banks Rs746.65, regional rural banks Rs393.26 crore and Tamil Nadu Industrial Investment Corporation Rs30.54 crore.

The first copy of the plan was handed over to D. Shankar, Assistant General Manager, NABARD, by District collector Cuddalore T.P Rajesh.

Rajesh further handed over copies of the credit plan to S.Selvaraj, Deputy General Manager and Zonal Manager, Indian Bank, Cuddalore; and N. Balu, Assistant General Manager, Reserve Bank of India. (KNN/ DA)