Rural Development Minister Raghuvansh Prasad Singh has urged the Finance Minister and the RBI Governor to direct banks for providing the targeted credit of Rs 2,814 crore to the rural poor under the Swarna Jayanti Gram Swarozgar Yojana (SGSY) during the current financial year.
In a letter to them Singh expressed concern over the poor performance of the banks in extending credit and said it was having an adverse effect on the success of the Yojana.
He said that in a recent review, it had come to the notice of the Rural Development Ministry that there are about 2210 bank branches which have achieved less than 25 per cent of credit targets in the year 2005-06.
Singh said the success of the Yojana to a great extent depends on the adequate and timely availability of bank credit.
He said that, however, a perusal of the credit target vis-a-vis the credit achievement of the banks since inception of the Yojana makes it amply clear that the banks are very much lagging behind in providing targeted credit lending.
Under the Swarna Jayanti Gram Swarozgar Yojana, poor families in the rural areas are being provided income generating assets through a mix of bank credit and government subsidy in order to raise them above the poverty line.
The Rural Development Ministry monitors the performance of various bank branches in providing credit under the Yojana.
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