Bank loans in Odisha grow 37% year-on-year, more than the national average

KOLKATA: Commercial banks operating in Odisha have grown their advances in the state by a good 37% in the last one year, much better than the national average of 18.4%.

With this growth, banks' total outstanding advances in the state stood at Rs 74,721 crore at the end of September, compared with Rs 54,565 crore a year back, the state's banking committee convenor Uco Bank said on Friday.

It said banks have collectively opened as many as 197 branches in Odisha during the last 12 months.

Their deposit mobilisation has grown 24% to Rs 1.10 lakh crore from Rs 88,856 crore. Consequently, banks' credit-deposit ratio in the state has improved to 68% from 61.41% a year back.

The statistics have been reviewed recently at a state level bankers' committee meeting. State finance minister Prafulla Chandra Ghadei attended the meeting with senior government officials.

Bankers said advances to micro and small enterprises in the state has grown by 70% to Rs 12,164 crore. However, they felt asset quality is a cause of concern with percentage of recovery dipping to 55.12 % from 59.24% in the last quarter.

Source: EconomicTimes