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Priority Sector Lending
Priority sector lending is lending to those sectors of the economy which may not otherwise receive timely and adequate credit. This role is assigned by the Reserve Bank of India to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture and allied activities, micro- and small enterprises, education, housing for the poor, and other low-income groups and weaker sections. This is essentially meant for an all-round development of the economy as opposed to focusing only on the financial sector. Categories of priority sector The broad categories of priority sector for all scheduled commercial banks are as under: (i) Agriculture and Allied Activities (Direct and Indirect finance): Direct finance to agriculture shall include short, medium and long term loans given for agriculture and allied activities directly to individual farmers, Self-Help Groups (SHGs) or Joint Liability Groups (JLGs) of individual farmers without limit and to o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adequate
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Reserve Bank Of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Nashik (Western India) and Dewas (Central India). RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agriculture
Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities. The history of agriculture began thousands of years ago. After gathering wild grains beginning at least 105,000 years ago, nascent farmers began to plant them around 11,500 years ago. Sheep, goats, pigs and cattle were domesticated over 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. Industrial agriculture based on large-scale monoculture in the twentieth century came to dominate agricultural output, though about 2 billion people still depended on subsistence agriculture. The major agricultural products can be broadly grouped into foods, fibers, fuels, and raw materials (such as rubber). Food classes include cereals (grains), vegetables, fruits, cooking oils, meat, milk, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-help Group (finance)
A self-help group (commonly abbreviated SHG) is a financial intermediary committee usually composed of 12 to 25 local women between the ages of 18 and 50. Most self-help groups are in India, though they can be found in other countries, especially in South Asia and Southeast Asia. A SHG is generally a group of people who work on daily wages who form a loose grouping or union. Money is collected from those who are able to donate and given to members in need. Members may also make small regular savings contributions over a few months until there is enough money in the group to begin lending. Funds may then be lent back to the members or to others in the village for any purpose. In India, many SHGs are linked with banks for the delivery of micro-credit. Structure A SHG is a community-based group with 10-25 members. Members are usually women from similar social and economic backgrounds, all voluntarily coming together to save small sums of money, on a regular basis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Liability Groups
Joint Liability Groups are a concept established in India in 2014 by the rural development agency, National Bank for Agriculture and Rural Development (NABARD) to provide institutional credit to small farmers. Joint Liability Group is a group of 4-10 people of the same village or locality of homogenous nature and of the same socioeconomic background who mutually come together to form a group for the purpose of availing loan from a bank without any collateral. Features # Members should engage in a common activity. # Members are not required to have a land title. # Members should belong to the same village. # Only one family member can join JLGs. # Members cannot have a history of defaults on bank loans. # Members should hold regular meetings. Who can promote JLGs? JLGs can be promoted by Business Facilitators/Correspondents, NGOs, Farmers Clubs, Farmers Federations, Panchayati Raj The Panchayat raj is a political system, originating from the Indian subcontinent, found m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swarnajayanti Gram Swarozgar Yojana
Deen Dayal Antyodaya Yojana or DAY is one of the Government of India scheme for helping the poor by providing skill training. It replaces Aajeevik. The Government of India has provisioned for the scheme. The objective of the scheme is to train 0.5 million people in urban areas per annum from 2016. In rural areas the objective is to train 1 million people by 2017. Further, in urban areas, services like SHG promotion, training centres, vendors markets, and permanent shelters for homeless. The aim of the scheme is skill development of both rural and urban India as per requisite international standards. History The initial scheme Swarnajayanti Gram Swarozgar Yojana (SGSY) was launched in 1999. It was renamed as National Rural Livelihood Mission in 2011. Finally they were merged into DDU-AY. The SGSY was somewhat intended to provide self-employment to millions of villagers. The programme aims at bringing the assisted poor families above the poverty line by organising them into self ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Rural Livelihood Mission
National Rural Livelihood Mission (NRLM) is a poverty alleviation project implemented by the Ministry of Rural Development, Government of India. This plan is focused on promoting self-employment and the organization of rural poor. The idea behind this program is to organize the poor into SHG (Self Help Groups) groups and make them capable of self-employment. In 1999 after restructuring Integrated Rural Development Programme(IRDP), the Ministry of Rural Development (MoRD) launched Swarnajayanti Grameen Swarojgar Yojana ( SGSY) to focus on promoting self-employment among the rural poor. SGSY is now remodelled to form NRLM, thereby plugging the shortfalls of the SGSY programme.http://www.aajeevika.gov.in/nrlm/NRLM-Mission-Document.pdf. Retrieved from Aajeevika on 23 July 2013 This program was launched in 2011 with a budget of $5.1 billion and is one of the flagship programs of the Ministry of Rural Development. This is one of the world's most prominent initiatives to improve the li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swarna Jayanti Shahari Rozgar Yojana
Swarna Jayanti Shahari Rozgar Yojana (SJSRY) in India is a Centrally Sponsored Scheme which came into effect on 1 December 1997. The scheme strives to provide gainful employment to the urban unemployed and underemployed poor, through encouraging the setting up of self-employment ventures or provision of wage employment. The SJSRY scheme is being implemented on a cost-sharing basis between the Centre and the States in the ratio of 75:25. Given the low allocations for the scheme, only about 2 lakh urban poor under skill development and 50,000 under self-employment are being benefitted under SJSRY annually. The target under skill development of the urban poor is very small considering that the number of urban poor was estimated at 81 million in 2004-05 and that nationally a target of 500 million persons to be skill-trained by 2022 has been fixed by the National Council on Skill Development. In 2013, the SJSRY was replaced by the National Urban Livelihood Mission(NULM), which is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana () is a financial inclusion program of the Government of India open to Indian citizens (minors of age 10 and older can also open an account with a guardian to manage it), that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014. Run by Department of Financial Services, Ministry of Finance, under this scheme 15 million bank accounts were opened on inauguration day. The Guinness Book of World Records recognized this achievement, stating: "The most bank accounts opened in one week as a part of the financial inclusion campaign is 18,096,130 and was achieved by the Government of India from August 23 to 29, 2014". By 27 June 2018, over 318 million bank accounts were opened and over ₹792 bil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Priority Sector Lending Certificates
Priority Sector Lending Certificates is a tool for promoting comparative advantages among banks while they meet their priority sector lending obligations in India. "Banks with a comparative advantage in lending to the priority sector should earn priority sector lending certificates ocial creditswhile those falling short of the target would be required to buy priority sector lending certificates ocial credits" "A forward market for Priority Sector Lending Certificates ocial creditswill help banks to focus and plan better." Total credit extended by banks in priority sector lending was INR 21,543,562.9 million (US$322,361 million as of June 2016) towards the end of financial year 2015. The goal of Priority Sector Lending Certificates is to create market-efficiency in priority sector lending "to increase employment, create basic infrastructure and improve competitiveness of the economy, thus creating more jobs Priority Sector Lending Certificates is a method for directing credit and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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