CHENNAI: The Annual Credit Plan for priority sector lending in Tamil Nadu released by Minister for Finance and Human Resources Management Thangam Thennarasu at the recent 178th State Level Bankers' Committee Meeting for the financial year 2024-25 is expected to be Rs 8,08,745 crore.
The public sector Indian Overseas Bank was the convenor of the 178th edition of the State Level Bankers' Committee meeting which was held under the chairmanship of Thennarasu, a press release said.
The Indian Overseas Bank (IOB) is the nodal agency that prepares the Annual Credit Plan for the core sectors namely Agriculture, Industries, and Services for Tamil Nadu every year. This Annual Credit Plan helps lending banks to chalk out the deployment of funds for core sectors well in advance, according to the Tamil Nadu government portal.
Secretaries and heads of various government departments, senior officials from the Reserve Bank of India, and NABARD (National Bank for Agriculture and Rural Development) took part in the meeting.
Several key areas were discussed during the meeting which include agriculture, financial lending for micro, small, and medium enterprises, and educational and housing loans.
The discussions were presented by Indian Overseas Bank General Manager Mohan M, a press release from the bank said on Friday.
“A significant highlight of the meeting was the release of the Annual Credit Plan for the financial year 2024-25 by Minister for Finance and Human Resources Thangam Thennarasu. The Annual Credit Plan has set a target of Rs 8,08,745 crore under Priority Sector Lending for FY 2024-25,” the release said.