AP banks achieve 99 per cent of priority sector lending target for FY23

Banks in Andhra Pradesh have achieved 99 per cent of the target set in the Annual State Credit Plan for 2022-23, according to Manimekhalai, Managing Director and CEO, Union Bank of India,

As of December 2022, credit to the agriculture sector stood at 105 per cent and to micro, small and medium enterprises (MSMEs) at 106 per cent, according to State Level Bankers’ Committee (SLBC) data.

Addressing bankers at the SLBC meeting in Amaravati, he asked the banks to achieve 100 per cent digital transformation in 17 districts of Andhra Pradesh, while lauded them for achieving it in 9 districts.

He also asked the bankers to pay attention to the action points of this meeting for their implementation in letter and spirit.

Manimekhalai said, “On behalf of the banking fraternity, SLBC of AP assures that we will extend support and cooperation to the state government and active participation in the development of the state will be a priority.”

Asserting that normalcy had returned after Covid-19, the Union Bank MD said the district reorganization in Andhra Pradesh was “laudable” as it helped in decentralization of administration.

Andhra Pradesh currently has 1,12,419 banking outlets (Bank Branches -7,769, ATMs 10,553 and BCs 94,097) with 64 per cent bank branches in rural and semi-urban areas.