NABARD pegs state’s priority sector credit potential at Rs 2,788.32 crore

SHILLONG, Jan 13: The National Bank for Agriculture and Rural Development (NABARD) has estimated a credit potential of Rs 2,788.32 crore for Meghalaya under priority sector lending for the year 2023-24.
According to a statement from NABARD, the credit estimation for agriculture sector, MSME sector and other priority sectors, including housing loan, education loan etc., have been pegged at Rs 1,398.28 crore (50%) Rs 1,043.43 crore (37%) and Rs 346.61 crore (13%), respectively.
“The credit estimation holds a lot of significance for Meghalaya to improve the CD ratio and also to channelise adequate credit to the sectors, which are important to the state economy,” the statement said.
Meanwhile, Chief Secretary DP Wahlang on Friday released the State Focus Paper for 2023-24, prepared by NABARD, during the State Credit Seminar, which was organised in the city.
During the seminar, Wahlang urged the bankers and state government officials to lay focus on rural infrastructure development, rejuvenation of water resources and better water management, financial inclusion and simplification of procedure by the banks, etc.
He called for convergence of all stakeholders and for collective approach towards developing rural Meghalaya.
Meanwhile, GM/OIC of NABARD Dr. P Sahoo, while explaining the strategy adopted in working out the credit projections, requested the bankers to improve the credit flow for better Credit to Deposit (CD) ratio.
He also requested the state government to look at the infrastructure need and avail greater support under the Rural Infrastructure Development Fund (RIDF) as also NABARD Infrastructure Development Assistance (NIDA).
It may be mentioned that the seminar was attended by senior officials from various departments, banks, RBI, lead district managers, representatives from SLBC, et al.
During the programme, few self-help groups (SHGs), BCs, PACs, banks and project-implementing agencies were also felicitated for their performances.