NABARD projects Rs 870 cr credit plan for Arunachal Pradesh

Guwahati: NABARD projects Rs 870-crore credit plan for Arunachal Pradesh

The National Bank for Agriculture and Rural Development (NABARD) has estimated the exploitable potential for 2023-24 at Rs 870 crore as Arunachal Pradesh’s credit plan envisaged under the state focus paper prepared by the bank.

The potential was highlighted after the unveiling of NABARD’s state focus paper 2023-24 by Finance Principal Secretary Dr Sharat Chauhan during a ‘state credit seminar’ organised by the NABARD at the DK Convention Centre here.

Senior officials from various state government departments, and bank officials from the controlling offices of the State Bank of India, the Arunachal Pradesh Rural Bank, the Apex Bank and others, attended the event, besides Krishi Vigyan Kendra scientists and representatives of civil societies.

Chauhan said the banking is crucial for the development of a resource-crunch state like Arunachal Pradesh,” and assured to provide “full support of the state government in this regard”.

He highlighted the need for improving financial literacy in the state, and expressed hope that the combined efforts of the banks and the NABARD in promoting financial inclusion shall increase the outreach of institutional finance to the remotest corners of the state, leading to enhanced demand for rural credit, as well as better utilisation.

Expressing concern at the low credit flow and Credit Deposit ratio, he advised the State Level Bankers’ Committee (SLBC) and the NABARD to chalk out plans for boosting the finance and to improve the reporting of the same.

He advised all stakeholders to take positive steps towards the acceleration of credit supply in Arunachal Pradesh.
NABARD General Manager Partho Saha said the state focus paper prepared by the NABARD is the culmination of the credit planning exercise undertaken by the NABARD, as prescribed by the Reserve Bank of India.

The state credit plan is an aggregation of the potential linked credit plans prepared for each district through a consultative process, and estimates the exploitable credit potential for the priority sector in the state for the coming year.

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