Question
The recommendation of which committee led to the
adoption of the Lead Bank Scheme, which later became the foundation for the Priority Sector Lending (PSL) framework?Solution
β’ The Gadgil Committee (1969) recommended the Area Approach, which became the basis for the Lead Bank Scheme (LBS). β’ Under this scheme: o One bank in each district was designated as the Lead Bank, responsible for preparing district credit plans and coordinating the flow of institutional credit to various sectors. o The aim was to increase credit penetration in rural and semi-urban areas and ensure access to priority sectors like agriculture, MSMEs, and weaker sections. β’ In 1972, the recommendations were formalized into the Priority Sector Lending (PSL) framework. β’ Later, the Ghosh Committee (1982) revised PSL categories, and other committees like Chakrabarty (2005) further refined targets.
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