Bank deposits in Telangana to touch Rs 5.47 lakh crore

Advances grew by Rs. 39,227 crore to touch Rs 6,09,645 crore.

Hyderabad: Deposits in Telangana grew by Rs 62,570 crore to touch Rs 5,47,010 crore as on December 31. This is 12.9% growth over March 2020. Advances grew by Rs. 39,227 crore to touch Rs 6,09,645 crore. This is a 6.88% growth over March 2020, according to Om Prakash Mishra, SBI CGM and president of State Level Bankers’ Committee (SLBC), Telangana.

Speaking at the 28th quarterly meeting of SLBC held on Tuesday to review the performance of banks for the quarter ended December, he said deposits grew by Rs.62,570 crore to touch Rs 5,47,010 crore as on December 31. This is 12.9% growth over March 2020. Advances grew by Rs. 39,227 crore to touch Rs 6,09,645 crore. This is a 6.88% growth over March 2020.

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The meeting, held through video conference, was attended by Chief Secretary Somesh Kumar, Economic Advisor (GoI) Lalit Kumar Chandel, Agriculture Commissioner Dr B Janardhan Reddy, Finance Secretary Ronald Rose, MA&UD Commissioner Dr. N Satyanarayana, NABARD CGM Y Krishna Rao and various bank chiefs.

During the current financial year up to December, Banks have lent Rs 29,235 crore under crop loans and achieved 55 per cent of the targeted amount of Rs 53,222 crore. Banks have disbursed Rs14,348 crore as agri term loans towards investment credit and agri allied, infra and ancillary activities during the current financial year, said Mishra.

Banks together disbursed loans of Rs 80,570 crore under priority sector, recording an achievement of 66 per cent of annual targets. For the MSME sector, they have disbursed Rs 32,772 crore achieving 93% of the annual target. They have also lent Rs 1,911 crore to minorities, Rs 8,299 crore weaker sections beneficiaries and Rs 11,606 crore to women beneficiaries. They also lent Rs 837 crore to SCs and Rs 1,134 crore to STs, he said.

On the financial inclusion plan, banks have covered all rural centers with population above 5000 with a banking outlet, he said in a release.

Banks, under the Atma Nirbhar Bharat Abhayan package, have sanctioned Rs 6,697 crore and disbursed Rs 5,498 crore to MSME beneficiaries under the Guaranteed Emergency Credit Line, it added.

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