State Bankers Aim to Boost Credit-Deposit Ratio to 55%

The State-Level Bankers' Committee in Jharkhand plans to increase the credit-deposit ratio to 55% by March. Concerns were raised over the shifting of a bank's zonal office. Achievements and targets for the agricultural sector were discussed, highlighting a growing economy backed by increased bank contributions.

In a move aimed at enhancing economic vitality, Jharkhand's State-Level Bankers' Committee (SLBC) has resolved to elevate the credit-deposit (CD) ratio from 50% to 55% by the end of March. Presided over by M Karthikeyan of the Bank of India, the meeting witnessed participation from finance dignitaries including Minister Radha Krishna Kishore and Secretary Prashank Kumar.

Minister Kishore expressed concerns regarding the potential transfer of Union Bank of India's zonal office from Jharkhand to Patna, citing the disparity in branch and deposit numbers as potentially counterproductive for Jharkhand's interests.

The SLBC reported a yearly rise of 11.50% in the CD ratio, reaching 50.22% as of September. They acknowledged contributions from all banks in achieving this metric, with a pledge to meet the newly established 55% target. The agricultural sector's credit targets were also revised, emphasizing a framework for ongoing improvement in financial contributions.

(With inputs from agencies.)