Banking biz grew by 16% in one year

Shimla, February 9

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The total banking business grew at the rate of 16% from Rs 2,27,746 crore in December 2022 to Rs 2,63,144 crore in December 31, 2023, while the total deposits grew by 11% from Rs 1,64,831 crore in December 31, 2022, to Rs 1,82,872 crore in December 31, 2023.

This was mentioned at the 171st state-level bankers committee meeting organised by UCO Bank for reviewing the performance of banks for the December 2023 quarter here today. During the event, Rajendra Kumar Sabu, executive director, UCO Bank, said the year 2023 proved to be a historic year for India as this year it earned the presidency of G20, the world’s largest economic gathering, and demonstrated its economic power and diplomatic might to the world.

“If we talk about Himachal Pradesh, good results have emerged at the economic level in the financial year 2023-24. Compared to the previous quarter, banks have increased deposits by Rs 1,852 crore and advances by Rs 4,084 crore. As far as the targets of the Annual Credit Plan are concerned, banks have achieved 71% of the priority sector targets,” he said.

“India is laying the groundwork to become the world’s third largest economy in the coming year and a developed nation by 2047, and achieving this goal will be based on inclusive, sustainable economic growth, digital advancement and industrial progress.”

He also talked about Chief Minister Sukhvinder Singh Sukhu’s dream to make HP a green state. To realise this dream, we will have to enthusiastically support and cooperate with environment-related projects. “We understand that the contribution of banks is important at this time. This is very important when we are moving towards environmental protection. Solar projects, electric vehicles and other green projects can help save our environment,” he said.

Special Secretary to the Government Rohit Jamwal said the Credit-Deposit (CD) Ratio in the state had increased compared to the last quarter. He said the government had introduced schemes for the uplift of the common people, therefore, banks were requested to cooperate with the government in making all schemes available to the common people and also make them aware of all government schemes.