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Outstanding loans to minority communities by PSU banks up 118% since 2011: FinMin
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IANS | 28 Dec, 2022
The amount of outstanding bank loans to minority communities has
increased from Rs 1,43,397 crore as on March 31, 2011 to Rs 3,12,566
crore as on March 31, 2022, registering a growth of 118 per cent during
this period, according to Finance Ministry sources.
Enhanced
priority sector lending to minority communities by public sector banks
(PSBs) had been mandated by the government in 2007-08.
The
government at that time had directed PSBs to step up their priority
sector lending to minorities from 9 per cent to 15 per cent over a
period of three years, sources said.
Since then, there has been sustained growth in lending to minority communities by PSBs.
They were advised to make continuous efforts to achieve the target from 2010-11 onwards.
Outstanding
loans to minority communities as on March 31, 2022 has also witnessed a
year-on-year growth of 8.56 per cent over previous year, which stood at
Rs 2,87,917 crore as on March 31, 2021.
The overall achievement
of PSBs under minority community lending was around 13 per cent of their
total lending to the priority sector as on March 31, 2022.
Moreover,
credit flow to a particular sector or industry including lending to the
minority communities remains mostly demand driven, and is linked to the
level of economic activity and other related factors, the sources
added.
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