State credit-deposit ratio better, but many dists lagging behindcredit news
During the 84th quarterly state-level banker’s committee (SLBC) meeting in Ranchi, it was revealed that the credit-deposit (CD) ratio of Jharkhand is at 45.08%. However, the CD ratio of 15 banks and 14 districts in the state is below 40%.
The State Bank of India, Indian Bank, Punjab National Bank, and Canara Bank are among the leading banks with a low CD ratio. The districts with a CD ratio below 40% are Bokaro, Chatra, Deoghar, Dhanbad, Dumka, Giridih, Godda, Gumla, Jamtara, Koderma, Ramgarh, Sahibganj, Simdega, and West Singhbhum.
It is worth noting that the CD ratio in Jharkhand has steadily increased since March 2022, when it was at 42.37%. It reached 42.90% in June 2022 and 45.07% in March 2023. The CD ratio has seen a year-on-year increase of 5.08%. Subrat Kumar, the executive director of the Bank of India, suggested that banks should strive to achieve a ratio at par with the national average, which is around 75%. He also recommended utilizing the government’s concessions to sanction more credits.
Additionally, Subrat mentioned that after achieving 100% digitization in Ranchi and East Singhbhum districts, the banks are now working towards fully digitizing Ramgarh and West Singhbhum. The Reserve Bank of India has directed all 24 districts in the state to be digitized within a specified timeframe.
Meanwhile, Anurag Gupta, the director general of the Criminal Investigation Department (CID), requested the banks to conduct proper security audits before establishing ATMs. He emphasized the need for high-quality CCTV cameras both inside and outside the ATMs.