Question
With reference to the ‘Priority Sector Lending (PSL)
Norms in India’, consider the following statements: 1. It was initiated on the recommendations of the Banking Commission of 1972. 2. Trans-genders and Joint Liability Groups are eligible for loans under PSL. Which of the statements given above is/are correct?ÂSolution
In News: As India’s economic structure evolves, the Priority Sector Lending (PSL) framework requires a comprehensive review to address emerging challenges and opportunities. Statement 1 is correct • Priority Sector Lending (PSL) Norms: It was initiated in 1972 on the recommendations of the Banking Commission, as part of a larger effort to democratize access to credit. • It is mandated by the Reserve Bank of India (RBI), all scheduled commercial banks are required to allocate a specified percentage (currently 40% for domestic banks) of their Adjusted Net Bank Credit to designated sectors, like: ƒ Agriculture, Micro and Small Enterprises (MSEs), education, housing, social infrastructure, and renewable energy. Statement 2 is correct • Recently, RBI has introduced updated guidelines for PSL, effective from April 1, 2025, with the aim to enhance credit flow to critical sectors of the economy while promoting financial inclusion and sustainable development. These include: ƒ Educational Loans: ₹25 lakh (earlier ₹20 lakh) ƒ Artisans and Women Borrowers: ₹2 lakh (earlier ₹1 lakh) ƒ Trans-genders and Joint Liability Groups are eligible for loans under PSL, and others.
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