By TwoCircles.net staff reporter
New Delhi : Reserve Bank of India (RBI) has issued Consolated Master Circular dated 05.07.2007 to all Scheduled Commercial Banks (SCBs)to ensure improved financial services for the welfare of minorities. It has advised them to take care to see that minority communities secure, in a fair and adequate measure, the benefits flowing from various Government sponsored special programmes. This Master circular also envisages creating a separate cell in each bank to ensure smooth flow of credit to minority communities and also covers the role of the lead bank in the 121 districts identified for purposes of’ earmarking of targets and location of development projects under the Prime Minister’s New 15 Point Programme for the Welfare of Minorities. Minority communities have also been included in the category of “Weaker Sections” for availing credit within the Priority Sector advances.
In October 2007, Public Sector Banks (PSBs) have been directed by the Government to step up lending to minorities from the level of 9% of total priority sector advances to 15% over the next three years, i.e., upto the end of Financial Year 2009-10.
This information was given by Shri Pawan Kumar Bansal, Minister of State for Finance in reply to a question raised by Shri D. Raja in the Rajya Sabha today.