Post News Network
Bhubaneswar, August 27: Deposits in the banking sector of the state rose by 17.19 per cent by the end of June quarter while advances growth remained subdued at 5.09 per cent during this period, a State Level Banker’s Committee release said Wednesday here.
As per SLBC report, total deposits as on June 30, 2015 stood at Rs1,99,837.87 crore, while total advances were at Rs 1,41,484.36 crore.
Meanwhile, credit-deposit ratio-one of the key parameters to judge credit growth, declined to 71.65 per cent by the end of June 2015 from 78.95 per cent reported a year ago. On branch expansion, the release said total number of branches in the state increased to 4,687 out of which 54.79 per cent branches are present in rural area.
Under Annual Credit Plan 2015-16, the achievement of banks in all sectors during April-June quarter stood at 17.46 per cent or Rs 8,336.04 crore in absolute terms, SLBC said.
However, bad asset position of the banking sector in the state remained high by the end of June quarter. As per SLBC, non-performing assets (NPAs) of the banking sector were at 8.60 per cent during this period. “Importance was given in the meeting to improve recovery position in the state by strengthening OPDR Act,” the release said. Attending the meeting state Finance minister, emphasised on simplification of loan sanctioning process by the banks so that common people can get timely bank credit.
