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Priority Sector Lending to minorities crosses 15pc of total

Posted on Feb 13, 10:36AM | UNI

New Delhi, Feb 12 : There has been sharp increase in Priority Sector Lending (PSL) to minorities this year under an scheme covered under the Prime Ministera¬Euro¬ôs new 15 point programme for welfare of minorities.

PSL to minorities has shown steady increase from 10.60 per cent of the total PSL in 2007-08 to 15.01 per cent in 2012-13 (as on September 30, 2012).

This has been achieved by lending Rs 1,71,960.71 crore to the minorities, an official statement said here, underlining that bank credit was very important for creation and
sustenance of self-employment initiatives.

The government has taken many steps to enhance the credit flow to the minorities. Reserve Bank of India is issuing instructions from time to time on PSL for improving credit facilities to these sections of the society.

A total of 5,954 bank branches have been opened in areas with substantial minority population during the period from 2007-2008 to 2011-2012; public sector banks regularly monitor disposal of loan applications for minorities; and have organised 14,244 awareness campaigns in 15,466 towns/blocks having substantial minority population covering 38,295 branches from 2008-09 to 2011-12.

In absolute terms, PSL to minorities has jumped from Rs 58,662.67 crore in 2007-08 to Rs 1,71,960.71 crore as in September 2012, thus increasing to almost three-fold during this period.