While the State Government has set a target for the banks to extend Rs15,000 crore credit to the Self Help Groups (SHGs) in Odisha, the latter have disbursed credit of Rs 5,763.86 crore as on September 30, 2023.

The Department of Mission Shakti has set the financial target of Rs15,000 crore of credit for 2023-24. Latest review on credit disbursement reveals that 45,046 SHGs have been extended the amount of Rs 5,763.86 crore only.

This is only 38.43 % of the annual target for 2023-24 and the bankers have been reminded about the annual target and Annual Credit Plan, which needed to be implemented during the financial year (FY) of 2023-24. Average loan size per SHG has been increased to Rs 3.82 lakh, which needs to be increased up to Rs 4 lakh per SHG.

Principal Secretary Finance, Vishal Kumar Dev and Secretary Mission Shakti Sujata Rout Karthikeyan have been urging the bankers to achieve the target as the State Government has set the target on 5T mandate.

Several public sector banks have achieved the target beyond 50% and performed well so far extending credit facilities to SHGs, while some of the major private sector banks are needed to scale up their credit plan for helping out the SHGs.

As far as districts are concerned, Ganjam has achieved the highest with 59.47 % of the target, while Deogarh is second with 52.7 % and Mayurbhanj is third with 51.53% target achievement. These districts are ‘Best Performing Districts” for SHG Credit Linkage and these organisations are doing exceedingly well in expanding their financial activities, said sources.

Similarly, credit disbursement in the housing sector is also not up to the mark. As on September 30, 2023, banks have extended Rs 2,520.63 crore for housing credit. So, achievement in the housing sector is only 38.11 % and more credit facilities need to be extended to the needy, officials said. Similarly in the education sector, more is needed to be achieved as only 31.64 % of the target has been achieved as on September 30.

Now the banks are to scale up credit facilities during the coming months, so that the Annual Credit Plan target will be achieved and this will help in improving the economy of the State, said officials.