On September 4, 2020, Reserve Bank of India (RBI) reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities amid COVID-19 impact. In this regard, new categories are included under priority sector for financing viz. start-ups (up to Rs 50 crore); loans to farmers for installation of solar power plants for solarisation of grid connected agriculture pumps and loans for setting up Compressed Bio Gas (CBG) plants.
Other Key features of revised PSL guidelines:
-Higher weightage has been assigned to incremental priority sector credit in ‘identified districts’ where priority sector credit flow is comparatively low.
-The targets prescribed for “small and marginal farmers” and “weaker sections” are being increased in a phased manner.
-Higher credit limit has been specified for Farmers Producers Organisations (FPOs)/Farmers Producers Companies (FPCs) undertaking farming with assured marketing of their produce at a pre-determined price.
-Loan limits for renewable energy have been doubled.
-For improvement of health infrastructure, credit limit for health infrastructure (including those under ‘Ayushman Bharat’) has also been doubled.
Recent Related News:
RBI Releases Report of Committee For Analysis of QR Code headed by Prof. Deepak B Phatak
On July 22, 2020, the Reserve Bank of India (RBI) publicized the “Report of the Committee for Analysis of QR (Quick Response) Code” under the chairmanship of Prof. Deepak B. Phatak on its website for comments / suggestions of various industry players currently involved in or associated with the use of QR codes before August 10, 2020. The report has recommended making QR codes more interoperable. QR code is used to pay utility bills, fuel, grocery, food, travel, and several other categories.
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, one is yet to be appointed).