Ladakh banks see 12% rise in deposits

Our Correspondent

Jammu, December 20

The Advisor to Lieutenant Governor, Ladakh, Pawan Kotwal presided over the 8th meeting of the UT Level Bankers Committee (UTLBC) for the July-Sep 2023 quarter.

Assistant general manager, State Bank of India, Convenor, UTLBC Ladakh, Tsering Morup gave a detailed presentation about the achievements of banks under various schemes up to the quarter ended September 2023.

Bankers’ meet

• Total deposits in Ladakh as of September 30 stood at Rs 8567.17 crore
• Total credit as of September 30, 2023, stood at Rs 4136.60 crore
• Banks achieved 81% of annual target by disbursing a total credit of Rs 663.29 crore under priority sector advances
• The overall achievement under priority and non-priority sector advances by all banks is 83 %

Kotwal was informed that the total deposits as of September 30 stood at Rs 8567.17 crore as compared to Rs 7664.92 crore as of September 30, 2022, with the deposit growth of 11.77% on a year-on-year basis. The total credit as of September 30, 2023, stood at Rs 4136.60 crore as compared to Rs 3441.84 crore as of September 30, 2022, with a credit growth of 20.18% on a year-on-year basis.

The banks achieved 81 per cent of the annual target by disbursing a total credit of Rs 663.29 crore under priority sector advances against the Annual Credit Target of Rs 821.03 crore.

The overall achievement under priority and non-priority sector advances by all banks in Ladakh is 83 per cent by the end of the September quarter.

Kotwal directed all private banks to improve their credit-deposit (CD) ratio by the end of March 2024. Kamal P Patnaik, regional director, RBI Jammu, reviewed the CD Ratio bank-wise and directed all the private banks to improve their ratio by March quarter.

The Adviser directed all banks to design a product for the solar roof scheme under the renewal energy sector to extend credit takes off under the said sector as the cost of electricity is much higher than solar energy. He briefed the house about the solar rooftop scheme in Ladakh.

Kotwal directed that banks should make efforts to cover all eligible beneficiaries under the Social Security Scheme and saturate 100% targets in both districts as this is the top priority of the government of India.

He urged all banks to extend credit facilities under the PM Vishwakarma Scheme and SVAMITVA Scheme.

The meeting was attended by Commissioner Secretary, Padma Angmo, Administrative Secretary, Amit Sharma, Deputy Commissioners of Leh and Kargil among others.

#Jammu #Ladakh #State Bank of India SBI