There has been a steep growth in the banking sector in Uttarakhand. The state has shown a growth of 36% under the annual credit plan (ACP) of Rs 5114.08 crore during 2009-10.
This robust growth can be attributed to the performance of leading banks like State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB). These banks have achieved growth through heavy financing in the agricultural and industrial sectors.
The latest data revealed by the state level bankers committee (SLBC), Uttarakhand said that SBI had the highest contribution in ACP having an outstanding loan of Rs 5401 crore. As per the ACP targets, Canara Bank, Vijaya Bank, Central Bank of India, Indian Bank, Bank of Maharastra did not come out with commendable performance.
The total ACP of the fiscal has been set at Rs 5914.41 crore with an increase of 14 per cent.
Banks like Karnataka Bank has the lowest CD ratio of 13 per cent which has been asked to improve.