The government is confident of achieving revenue targets set in the Budget for current financial year. Talking to media after addressing Chief Executive Officers of public sector banks and financial institutions, the Finance Minister Pranab Mukherjee said growth of revenues upto June this year is reasonably satisfactory.Mr. Mukherjee said, the government expects to collect over 9.32 lakh crore rupees tax revenues this fiscal, about 24.98 per cent up from the previous year.Mr. Mukherjee said, period of 5 to seven years for repayment of Education Loan may be increased and all public sectors banks have been asked to modify the rules. He said, banks have also been directed to increase the coverage under Kisaan Credit Card, KCC by 20 per cent, both in terms of numbers and amount. Mr. Mukherjee said the farm credit target for 2011-12 has been more than met. He said, government is committed to the cause of farmers and four lakh 75 thousand crore rupees have been ear-marked as farm credit in the current fiscal. Mr. Mukherjee said that more than 43,000 villages with over population of over 2000 will be brought under the banking network by March 2012. He said under the financial inclusion programme as announced in the Budget, 29 thousand such villages have already been covered during the first year. He, however, expressed concerned over the increase in non-performing asset last fiscal. In reply to a question, the Finance Minister said that the task force headed by Mr. Nandan Nilekani has submitted an interim report and now banks have to play a major role for inclusive growth and expansion of banking facilities.
News On AIR | July 8, 2011 9:13 PM
Revenue target set in budget for current financial year will be achieved: Pranab