NABARD projects state’s credit potential at Rs 784.59 cr

ITANAGAR, 13 Jan: The National Bank for Agriculture and Rural Development (NABARD) has projected priority sector credit potential in Arunachal Pradesh at Rs 784.59 crore for 2021-22, which is 10 percent higher than the state’s Rs 712.5 Crore credit plan for the current fiscal (2020-21).

The activity-wise credit potential estimated by NABARD form the basis for the preparation of annual credit plans at district as well as state level.

While releasing the State Focus Paper during the state credit seminar organized by NABARAD at DK Convention Centre here on Wednesday, Chief Secretary Naresh Kumar emphasized the need for evolving cluster-based approach for the development of bank credit.

The chief secretary advised the banks to open rural self-employment training institutes to enhance the skill of the rural youth.

Expressing concern over the low level of credit linkage for SHGs, he advised the state-level bankers’ committee (SLBC) and ArSRLM to chalk out plans to finance economic activities for at least 1000 SHGs during the current year.

Stating that banking is crucial for development, Kumar suggested the Reserve Bank of India and SLBC to open full-fledged offices in Arunachal.

Stating that NABARD has long been an active and progressive developmental partner of the state government, Kumar advised all the stakeholders, like banks and other agencies to come forward and take positive steps towards the acceleration of credit supply in Arunachal.

NABARD General Manager Dr G Kumaran Nair highlighted the importance of credit in the development of resource-scarce states, like Arunachal Pradesh. He urged the government organizations, financial institutions and other change agents to dovetail their developmental agenda for enhanced credit flow in the state. He informed that aligning with the GoI’s thrust NABARD in Arunachal will nurture and promote FPOs, initially in three districts.

Planning and Agricultural Production Commissioner Prashant Lokhande highlighted the importance of forward linkages for the farming community in the state. He hoped the credit seminar would help the government identify areas for credit flow in the state.

SBI Regional Manager DK Mahato and RBI AGM  Nabin Khakhlary also shared their views in the seminar.

NABARAD DGM  SS Vaseeharan gave a presentation on State Focus Paper, especially on exploitable credit potential for Arunachal Pradesh.

Secretaries of various departments, officials from line departments, representatives from different banks, Krishi Vigyan Kendras and NGOs, along with progressive farmers and entrepreneurs attended the seminar.