‘Government banks lending to key sectors up 19 percent’March 15th, 2012 - 5:11 pm ICT by IANS
New Delhi, March 15 (IANS) The Economic Survey for 2011-12 tabled by Finance Minister Pranab Mukherjee in parliament Thursday reported an increase of 19 percent in key lending sectors by public sector banks (PSBs) in the current fiscal.
“The outstanding priority sector advances of PSBs rose by almost 19 percent between March 2010 to March 2011. The increase was from Rs.8,63,777 crore to Rs.10,28,614 crore,” the survey said.
It said that Rs.12,000 crore was provided in the revised estimates for the current fiscal for capital infusion in PSBs.
The capital infusion had enabled them “maintain a minimum tier 1 CRAR (capital to risk weighted assets ratio) at eight percent on 31st March 2012, and also to increase shareholding of the government in PSBs to 58 percent”, the survey said.
According to the survey, overall, the credit extended by scheduled commercial banks grew grew by 17.1 percent on a year-on-year basis.
The survey also showed a growth of 15.9 percent in lending by private sector banks during the period under review.
In terms of key sectoral lending, the survey showed a growth in excess of 19 percent in 2011-12 in the flow of agricultural credit of Rs.4,46,779 crore from Rs.3,75,000 crore in 2010-11.
“The extension of credit has taken the total number of new farmers brought under the banking system to 127.26 lakhs,” the survey said.
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Tags: agricultural credit, banking system, capital infusion, commercial banks, crar, crore, economic survey, finance minister, government banks, New Delhi, pranab mukherjee, priority sector, private sector banks, psbs, public sector banks, rs 8, sectoral, sectors, shareholding, tier 1