New Delhi: Lending by public sector banks to minorities has increased to more than 15 percent of the total priority sector lending, an official statement said.
Priority sector lending scheme is a policy of providing a specified portion of bank lending to the important sectors of the economy. It includes agriculture, small-scale industries, cottage sector, tiny sector, export sector, and other small business firms etc.
"In absolute terms, priority sector lending to minorities has jumped from 58,662.67 crore in 2007-08 to 1,71,960.71 crore as on September 30, 2012, thus increasing almost three-fold during this period," the statement said.
Also, a total of 5,954 bank branches had been opened in areas with a substantial minority population during the period from 2007-2008 to 2011-2012.
Priority sector lending to minorities is one of the schemes covered under prime minister's New 15 Point Programme for Welfare of Minorities.