Banking Committee increases state credit expenditure to ₹10.98 crore

Finance Minister N Marie Wilson released the annual borrowing plan for the 2026-27 financial year on Thursday.

The Indian Overseas Bank on Thursday convened the 186th State Banking Committee (SLBC) meeting for Tamil Nadu.

During the meeting, Finance Minister N. Marie Wilson released the Annual Appropriation Plan (ACP) for the 2026-27 financial year.

ACP envisages a credit outlay of ₹ 10.98 lakh crore, a growth of around 12% over the previous year’s target, to ensure adequate and timely flow of institutional credit to all productive sectors of the economy and sustain the strong growth momentum of Tamil Nadu.

Against the ACP target of ₹ 9.00 lakh crore, the banking sector in Tamil Nadu achieved a loan disbursement of ₹ 9.80 lakh crore, achieving around 109% of the annual target.

The performance of the banking sector in various segments of the priority sector, including agriculture, SMEs, education and housing, was assessed in detail.

According to the statement, special emphasis has been laid on education loans. Banks have been advised to ensure timely sanction and disbursement of eligible education loan applications, ease students’ access to loans and increase awareness and information programs among students, parents and educational institutions.

SLBC Tamil Nadu reaffirmed its commitment to work in close coordination with the Government of Tamil Nadu, Reserve Bank of India, NABARD and all stakeholders to ensure balanced economic growth.

Published – 12 Jun 2026 0:42 IST