Andhra Pradesh has fixed its annual credit plan target for 2026-27 at Rs 8.10 lakh crore, marking a 22.7% increase from the previous year’s Rs 6.6 lakh crore. The State-Level Bankers’ Committee, chaired by Chief Minister N. Chandrababu Naidu, approved this credit plan. A significant portion of Rs 5.40 lakh crore has been allocated to priority sectors, with agriculture receiving Rs 3.60 lakh crore, including Rs 2 lakh crore for crop loans.
Banks have also proposed financial aid of Rs 10,693 crore for agricultural mechanisation, while the MSME sector has been allotted Rs 1.55 lakh crore, including Rs 70,000 crore for micro-enterprises. Additionally, housing loans worth Rs 11,500 crore and education loans worth Rs 2,500 crore are part of the plan. In the previous year, banks disbursed loans amounting to Rs 3,86,249 crore to the agriculture sector, Rs 1,17,357 crore to the MSME sector, and Rs 5,19,693 crore to the priority sector in Andhra Pradesh.
Chief Minister Naidu emphasized a 15% growth target for the year, urging banks to provide essential financial backing to achieve this goal. He, along with Union Bank of India’s Managing Director and CEO Ashok Pandey, officially unveiled the Andhra Pradesh Annual Credit Plan for 2026-27. Naidu encouraged banks to support MSMEs by offering generous credit facilities and highlighted the government’s efforts to promote startups and innovation through the Ratan Tata Innovation Hub.
