HomeIndustry NewsBanks lend over Rs 71K crs to MSMEs in AP

Banks lend over Rs 71K crs to MSMEs in AP

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Achieve 103% of yearly target in Q3FY24 itself

Banks in Andhra Pradesh seemed to have lent proactively to the MSMEs in the state having disbursed over Rs 71000 crores to the MSME segment.

As per the recently held 226th SLBC (state level banker’s committee) meeting attended by the state’s finance minister Mr Buggana Rajendranath and agriculture minister Mr Kakani Govardhan Reddy the MSME sector witnessed significant lending from the banking fraternity (i.e.PSBs, Private Sector Banks, RRBs etc.) in AP. 

As per the SLBC the total loan disbursement during this period to the priority sector was Rs 288,677(89% of target), agriculture sector Rs 208,136 crores(90% of target), non priority sector Rs 188,557 crores(157% of target) and Rs 71113 crores (103% of target) for the MSME sector .

The total target set for MSME lending for the year FY 24 was Rs 69000 crores and banks surpassed this target in the 3rd quarter of the current fiscal itself well before March 2024.

As on December 31st 2023 banks in AP had lent a total of Rs 71,113 crores i.e. 103% of the total target amount set for the MSME sector. Of this the bulk of the lending was given out to micro enterprises i.e. Rs 38,376 crores thereby achieving 107% of the allocated target. 

Similarly small enterprises were given a total amount of Rs 20,065 crores and medium enterprises a total of Rs 12,502 crores as on Dec 31st 2023.

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