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Friday, January 4, 2013

Canara Bank driving cash subsidy transfer scheme

Canara Bank is tying up with 45 other scheduled commercial banks with a presence in the State to drive the cash subsidy transfer scheme.

Archana S. Bhargava, Executive Director, Canara Bank, met Finance Minister K.M. Mani here to apprise him of the progress made.


Canara Bank, as convener of State-Level Bankers’ Committee (SLBC), is spearheading the pilot of the scheme in Wayanad and Pathanamthitta districts.

A spokesman for the bank said that the Finance Minister was appreciative of bank’s initiatives. Bhargava conveyed to the Minister the sanction of Rs 500 crore as paddy crop loan to farmers registered with Supplyco (State Civil Supplies Corporation).

The bank is extending assistance to farmers at concessional rate of four per cent for loans up to Rs 3 lakh for those with prompt repayment record.

She further announced that the bank has approved loans for unemployed youth under the Kerala State Self Entrepreneurship Development Mission at base rate.


The bank has also taken a number of initiatives to increase credit offtake in the State of Kerala, she said. Rate of interest on education Loans has been reduced substantially. Similarly, rate for micro, small and medium sector loans too has been lowered.

Meanwhile, commercial banks in the State have disbursed Rs 34,763 crore to the priority sector during the first six months of this financial year.

This is 52 per cent of the total disbursement target of Rs 67,125 crore for 2012-2013, the 108{+t}{+h} meeting of SLBC convened here on Thursday by G. Sreeram, general manager, Canara Bank.

Total deposits as on September touched Rs 2,13,518 crore. Out of this non-resident deposits accounted for Rs 58,150 crore.


Total advances amounted to Rs 1,58,836 crore. Total advances and investments in approved securities/debentures were Rs 1,64,111 crore. The credit-to-deposit ratio touched 74.39 per cent while (credit+investment) deposit ratio stood at 76.86 per cent.

Total advances to priority sector as at September 2012 touched Rs 91,253 crore. This is 57.45 per cent of the total outstanding under advances.

The Finance Minister presided over the meeting. Among those who spoke were Agriculture Production Commissioner Subrata Biswas, Principal Secretary (Planning and Economic Affairs) V. S. Senthil, RBI Regional Director Salim Gangadharan, Nabard General Manager K.R. Rao.


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