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RBI decided to include Medium Manufacturing Enterprises under Priority Sector

Nov 27, 2013 10:30 IST

The Reserve Bank of India (RBI) on 26 November 2013 allowed banks to treat loans given to medium manufacturing enterprises after 13 November 2013 as priority sector advance.

RBI stated that the step has been taken to provide enhanced liquidity support to the medium and small enterprises.

The RBI also allowed incremental bank loans to medium services enterprises extended after 13 November 2013 to up to 100 million rupees and raised the loan limit given to micro and small service enterprises to 100 million rupees from 50 million rupees that will be treated as priority sector advance. This facility will remain open till 31 March 2014.

Under priority sector advance, most banks have to lend 40 percent of their loans to agriculture, micro and small enterprises, poor people for housing, students for education and other low income groups and weaker sectors.

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Read more Current Affairs on: Medium Manufacturing Enterprises

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