The Business Bytes
THEBUSINESSBYTES BUREAU
BHUBANESWAR, MARCH 6, 2025
Odisha’s Development Commissioner-cum-Additional Chief Secretary (ACS) Anu Garg has urged banks to achieve the full 100% target of the Annual Credit Plan (ACP) for the fiscal year 2024-25, amounting to ₹2.11 lakh crore. Addressing the 178th State Level Bankers’ Committee (SLBC) meeting on Thursday, she emphasized the need to strengthen credit flows to key sectors such as Housing, Education, and Exports.
Garg stressed the importance of inclusive banking practices, particularly for women, Scheduled Castes (SC), Scheduled Tribes (ST), and other weaker sections, to minimize regional disparities in credit distribution. She also called for robust financing under the PM-SVANidhi scheme, which is closely monitored by the Prime Minister, and urged banks to extend support for the newly launched Financial Assistance to Cold Storage scheme. The initiative aims to enhance Odisha’s storage infrastructure and prevent post-harvest distress sales by farmers.
Highlighting the state’s vision for economic growth, Garg encouraged banks to expand credit support to improve the Credit-to-GSDP ratio. She also announced an ambitious ACP target of ₹2.52 lakh crore for FY 2025-26, based on projections from NABARD.
Principal Secretary of the Finance Department, Saswat Mishra, urged private sector banks to enhance their participation in government-backed financial programs such as PMEGP, PMFME, PM Mudra, and Stand Up India. He recommended forming a special committee to monitor credit flow in Housing and Education sectors and called upon SLBC convenors to present a detailed claim settlement report on social security schemes like PMJJBY and PMSBY.
Dr. Arabinda Kumar Padhee, Principal Secretary of the Agriculture & Farmers’ Empowerment Department, elaborated on the “Financing to Cold Storage” scheme. He noted that the government has standardized the Scale of Finance across districts to ensure uniform financial support and acknowledged the contribution of banks in implementing the MKUY scheme for agri-entrepreneurs.
UCO Bank Executive Director, VN Kamble, commended banks for achieving 68.95% of the ACP target by December 31, 2024, and for their full compliance with social security schemes such as PMJJBY, PMSBY, and PMJDY. However, he expressed concern over the slow progress in the PM-Vishwakarma scheme and the declining number of applications for Self-Help Group (SHG) loans.
RBI’s Regional Director, Dr. SP Mohanty, highlighted economic challenges, including high retail and food price inflation in Odisha and the state’s relatively lower credit growth compared to national trends. He also outlined RBI’s initiatives to boost financial literacy and cybersecurity across the state.
The meeting was attended by senior officials from the State and Central governments, NABARD, and regional banking heads, all of whom reaffirmed their commitment to achieving the ACP target and strengthening Odisha’s financial ecosystem.
