Udupi: The banking sector in Udupi district has shown remarkable growth, with deposits, credit, and financial inclusion metrics all making substantial strides. Sreejith K, Regional Manager of Canara Bank, reported that the total banking business in the district has increased to Rs 60,519 crore, reflecting a healthy 10.47% growth from the previous year, with a net rise of Rs 5,734 crore.
During the district-level consultative and review committee meeting, chaired by Zilla Panchayat CEO Prateek Bayal, Sreejith shared key performance figures. Total bank credit surged to Rs 19,535 crore, marking a net increase of Rs 1,787 crore and a growth rate of 10.06%. Bank deposits also saw significant growth, rising to Rs 40,984 crore, an increase of Rs 3,947 crore, or 10.66%.
However, the district’s credit-deposit (CD) ratio slightly declined to 47.66% from the previous year’s 47.92%. For the September quarter, Annual Credit Plan (ACP) disbursements totaled Rs 7,556 crore.
The MSME sector showed significant progress with Rs 1,979 crore disbursed, achieving 57.76% of its target, while agricultural lending reached Rs 1,506 crore, meeting 52.53% of its target. Under the Pradhan Mantri Employment Generation Programme (PMEGP), 261 loans were provided, exceeding the target and facilitating entrepreneurship with Rs 28.34 crore in credit.
Additional loans included Rs 1,233 crore for weaker sections, Rs 83 crore for student education, and Rs 136 crore for housing, contributing to sustainable economic development.
Udupi-Chikkamagaluru MP Kota Srinivas Poojary stressed the importance of prioritizing financial assistance for beneficiaries trained under the Pradhan Mantri Vishwakarma Yojana, enhancing skill development and economic empowerment.
With continuous growth across sectors, Udupi’s banking industry continues to play a pivotal role in driving the region’s economic progress.
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