Karnataka's annual credit plan target set at Rs 4,96,371 cr

Karnataka's annual credit plan (ACP) target for 2021-22 has been set at Rs 4,96,371 crore, up 35.78 percent compared to the previous fiscal.

The figure for 2020-21 was Rs 3,65,556 crore.

The ACP for 2021-22 was launched at the 153rd meeting of the State-level Banker's Committee, Karnataka, on Monday, an official release said.

The total priority sector credit target for 2021-22 works out to Rs 2,92,391.90 crore, a growth of 14.24 percent over the previous year's figure of 2,55,940 crore.

The share of agriculture credit is Rs 1,25,992.10 crore, constituting 43.09 percent of total priority sector credit.

The share of crop production credit is Rs 71,923.31 crore accounting for 57.09 percent of the total agriculture credit.

The share of MSME is Rs 1,11,826.96 crore, education loan is Rs 5,969.86 crore, housing loan is Rs 30,164.89 crore, and other sectors Rs 9498.22 crore, constituting 38.24 percent, 2.04 percent, 10.31 percent, and 3.24 percent of the total priority sector respectively.

The State as a whole has achieved 80.62 percent of ACP target under MSME, 77.97 percent under agriculture, and 102.

27 percent under total credit at the end of the third quarter (December 2020), it was stated.

The ACP was launched by Karnataka Chief Secretary P Ravi Kumar, along with Additional Chief Secretary and Development Commissioner Vandita Sharma, RBI's Regional Director Jose J Kattoor, and NABARD's Chief General Manager Niraj Kumar Verma.