Lending to farm sector exceeds target

August 2nd, 2011 - 8:58 pm ICT by IANS  

New Delhi, Aug 2 (IANS) Bank-lending to the farm sector rose to Rs.4,46,779 crore in 2010-11, almost 20 percent higher than the official target of Rs.3,75,000 crore, Minister of State for Finance Namo Narain Meena said Tuesday.

Commercial banks lent Rs.3,32,705.98 crore to the agriculture sector against the target of Rs.2,80,000 crore, Meena said in a written reply to a question in the Rajya Sabha.

Lending by cooperative banks and regional rural banks also exceeded the target.

Cooperative banks lent Rs.70,105.30 crore against the target of Rs.55,000 crore and lending by regional rural banks was Rs.43,967.70 crore against the target of Rs.40,000 crore.

Lending to farm sector accounts for more than one-third of the total lending categorised by the Reserve Bank of India as priority sector.

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