NABARD Projects MSME Credit Need in Karnataka to 3.33 Lakh Cr by FY 2022

According to a recent projection by the regional office of National Bank for Agriculture and Rural Development (NABARD) based in Karnataka the credit potential for the State at INR 3,32,915.81 crore for FY22.

The MSME sector was projected at INR 1,28,296 crore and the agriculture sector was at INR 1,61,777.

It constitutes 39 per cent and 49 per cent, respectively.

This was informed by the Niraj Kumar Verma, CGM, NABARD, Karnataka at the State credit seminar on Wednesday.

He highlighted that the state has been leading in providing support to banks for credit offtake.

It expected that the lending in the state will be accelerated through setting up of Centre of Excellence for Farmers Produce Organisations and Farmer Registration and Unified Beneficiary Information System (FRUITS) portal for banks, he stated.

A State Focus Paper’ containing total credit projection under priority sector lending for the year 2022-23 in Karnataka was also release by the Additional Chief Secretary and Development Commissioner Vandita Sharma.

She pressed on faster and hassle-free credit dispensation and urged all the banks to effectively utilise FRUITS portal of the State government.