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LATEST NEWS UPDATES | Companies in agricultural biz now in priority sector

Companies in agricultural biz now in priority sector

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published Published on Oct 18, 2012   modified Modified on Oct 18, 2012
-The Economic Times

MUMBAI: The Reserve Bank of India has revised the definition of priority sector to include corporates engaged in agriculture and allied activities, and amended the limits for certain categories.

In a circular issued to commercial banks on Wednesday, the RBI has clarified that loans to corporates, including companies formed by individual farmers, partnership firms and co-operatives of farmers directly engaged in agriculture and allied activities, will now be considered as priority sector lending.

However, the central bank has capped such lending at Rs 2 crore. It said only crop loans, and lending to pre-harvest and post-harvest activities and export credit will come under priority lending. Allied activities will include dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture.

The RBI has also raised the priority-sector lending limit for medium and small enterprises in the service sector to Rs 2 crore from Rs 1 crore. It has also amended norms for housing loans under priority sector. Bank loans to any government body for construction of homes or for slum clearance and rehabilitation of slum dwellers will also be included in priority sector subject to a ceiling of Rs 10 lakh per dwelling unit.

The per unit housing cost limit for housing projects for construction of homes exclusively for weaker section has been raised from Rs 5 lakh to Rs 10 lakh per unit. 

The Economic Times, 18 October, 2012, http://economictimes.indiatimes.com/news/economy/agriculture/companies-in-agricultural-biz-now-in-priority-sector/articleshow/16858032.cms


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