Himachal targeted to achieve full credit inclusion by March

By: Ravinder Makhaik

Shimla: Having credit linked all households in Shimla and Bilaspur districts; the banking community is all set to achieve hundred percent credit inclusion of the entire state by end of March, enabling it to be one of the first states in the country to do so.

All households in Bilaspur and Shimla district have been provided with credit facilities, Ripan Murgai, convenor HP state level bankers committee (HPSLBC) said at a customer’s meet at Bilaspur on Thursday.

He said that there were about 10,80,000 households in Himachal of which 76 percent had already been provided with credit facilities from institutional financial system. “The government and SLBC have are committed to credit link all households before March 2009 and provide a revolving credit facility to them in a graduated manner,” said Murgai.

The bankers target to cover all households under either kisan credit cards, general credit cards or swarojgar credit cards from the banking system.

Murgai, who is a general manager with UCO bank called upon customers to take advantage of innovative IT enabled deposit and credit as well as other para banking products.

UCO Bank has introduced value added deposit products with inbuilt insurance and risk mitigation options at minimal cost, pre paid cost effective payment instruments, credit for crop raising at 7% annual simple interest with crop insurance at small premium, loans for Micro, Small and Medium industrial and service enterprises at competitive rates, he said.

Murgai asked for strengthening the Self Help Group and Farmers Club movement.

For diversifying into hi-tech agriculture, horticulture, floriculture and post harvest areas, liberal financial support is available with the banks for which subsidies ranging from 25% to 33% are also being provided by the state and central government, he said.