the goan I network
MARGAO
Despite being one of the richest states in the country, with highest Per Capita Income, Goa’s credit deposit ratio is described as the lowest, with bankers attributing the scenario to the disruption in the mining sector because of environmental issues and a slowdown in construction activity during the monsoons.
In fact, senior State Bank of India (SBI) officials have pegged Goa’s credit ratio to just 40 per cent when it ought to have been on a higher side, suggesting that the lending has not kept pace with the banks flushed with thousands of crores of deposits.
The deposits of State Bank of India alone in Goa are pegged at around Rs 15,000 crore, but the loans advanced by the bank in the state hovers around just Rs 5000-6000 crore, informed SBI Chief General manager, Maharashtra and Goa, G Ravindranath.
Deputy General Manager, SBI, Goa region Ravi Kumar was clear in saying that Goa’s credit ration will not cross the 40 per cent mark, considered low compared to other states.
In Goa along with Sanajay Kumar, General Manager, SBI, Ravindranath said the disruption in the mining industry did have an impact on the bank’s credit ratio as any disruption in one industry has a cascading effect on other sectors of the economy.
“The SBI may not have been involved in the lending operations in the mining sector. But, the slowdown of the mining industry in Goa did have a cascading effect on other sectors,” he said.
Sanajay Kumar, general manager, SBI also attributed the low credit deposit ratio to the intervening monsoon season. “The construction industry, which is one of the major sectors funded by the banks undergoes a slowdown during the monsoons. This could be another reason why the state’s credit ratio is stuck at around 40 per cent,” he added.
To a question on whether there’s flight of capital from Goa to other parts of the country, SBI officials said the SBI is ever willing to extend loans to all sectors of the economy, while making a plea to the people of Goa to avail the credit. “As a bank, we cannot keep the deposits idle. No bank can prosper by keeping the deposits idle,” Ravindranath said.
They said the nation-wide customer outreach initiative by the Public Sector Banks in Goa between October 3-7 will help in taking the bank’s productions to the door steps of the people.
“The outreach programme is aimed at bringing festive cheer to customers by extending retail, agriculture, MSME loans, etc. Under this initiative, customers can also open savings bank and BSBD accounts and will be educated regarding downloading and using the BHIM app, financial inclusion schemes and digital payments,” he said.
While the camp in South Goa will be held at G M Service zone, Shristhal-Canacona on October 4-5, the North Goa camp will be held at the Ravindra Bhavan, Sanquelim on October 5-6.
A total of 17 banks, including public sector banks, private banks, NABARD, SIDBI, UIDAI and EDC are also expected to participate in the camps.
