Rajan says banks needs to review priority sector lending categories - Moneylife

Rajan says banks needs to review priority sector lending categories - Moneylife



The concept of priority sector lending was introduced to ensure credit
flow from the banking sector to certain neglected sectors including
agriculture. The need for some persuasion to encourage banking system to
provide adequate credit to priority sector is still there as banks on their own
would prefer to deploy credit in bigger urban ventures. Several attempts to
shift responsibility by lending to service/consumer sectors, investing in RIDF
etc were allowed to achieve priority sector targets. Internal reviews by RBI or
at state level forums also concentrated on ‘targets’ and their achievement and
a comprehensive look at willingness and capability of each bank to finance
priority sector especially in rural areas is yet to happen. Viewed in this
context the loud thoughts by RBI Governor is most welcome. Still, the review
need to be done by RBI and GOI and appropriate guidance should be issued to
banking system

M G Warrier

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