Minister for Agriculture urges banks to encourage dairy farming

Minister for Agriculture urged the banks in Telangana to lend to dairy farming and encourage dairy sector

Minister for Agriculture S. Niranjan Reddy has urged banks to encourage dairy farming in Telangana.

The Minister, who on Tuesday addressed Telangana State Level Bankers’ Committee (SLBC) meeting to review performance of the banks for the quarter-ended December 2022, said this pointing to how milk had to be procured from other States amid a rising demand in the State.

By encouraging dairy farming, the banks would contribute to making the State self sufficient in dairy and dairy products, Mr. Reddy said.

In a presentation on performance of the banks upto December this fiscal, SLBC president and State Bank of India CGM Amit Jhingran said total deposits of the banks increased ₹15,105 crore to ₹6,47,630 crore. Total advances increased ₹37,380 crore to ₹769,713 crore. CD ratio stood at 118.85%.

Banks in the State disbursed short-term production loans totalling ₹42,499 crore thus achieving 62.62% of the annual targets. Disbursements as investment credit to agri. allied, agri. infra and agri. ancillary activities stood at ₹31,843 crore, which is 90% of the target.

Mr. Jhingran said the banks disbursed ₹1,46,495 crore to various sections of borrowers under priority sector lending, thereby meeting 86.98% of annual targets. Educational and housing loans under priority sector lending were ₹483 crore and ₹2,595 crore respectively. The disbursements to micro, small and medium enterprises (MSME) segment at ₹66,728 crore was 133.80% of the targets.

Calling upon the banks to improve lending under the Pradhan Manthri Mudra Yojana Scheme, he said with disbursements under the scheme at ₹5,110 crore, 57% of the annual target was achieved. The SLBC president said under PM Svanidhi scheme, for street vendors, Telangana stood at the 3rd position in the country. He urged the banks, especially private sector banks, to improve sanctions and disbursals to help the State regain the top position. Under PM Svanidhi Tranche 1, banks sanctioned 358,863 applications and disbursed loans to 350,788. Under Tranche 2, they sanctioned 156,348 applications and disbursed loans to 119,310, he said.