Lending by public sector banks to minorities has increased to more than 15 percent of the total priority sector lending, an official statement said Tuesday.
UCO Bank is focusing on lending to retail, SME and farm sectors as the capital-to-risk weightage was lower in these categories, the bank's chairman and managing director Arun Kaul said.
Indian industry expressed disappointment over the Reserve Bank of India's (RBI) decision to keep key lending rates unchanged to control inflation while the economy is facing a slow-down. "CII (Confederation of Indian Industry) and industry are disappointed by the monetary stance taken by the RBI in a policy announcement," said CII Director General Chandrajit Banerjee.
The Reserve Bank of India (RBI) has kept key lending rates unchanged. The re-purchase rate remains unchanged at eight percent, which automatically keeps the reverse re-purchase rate at seven percent.
India's largest government-owned lender, State Bank of India (SBI) plans to reduce its lending rates for small and medium enterprises (SMEs) from June onwards so as to win them back to its fold, said its chairman. Speaking to reporters in Chennai, SBI Chairman Pratip Chaudhuri said: "The bank's current lending rates for the SME sector ranges between 12-17 percent. This will be brought down to 10.5-15.3 percent."
The Reserve Bank of India (RBI) has cut some key rates by 50 basis points in a bid to push industrial growth and stimulate economy - a move that may also see interest rates falling on housing, automobile and commercial loans.
The Reserve Bank of India (RBI) has stated that it would clearly address the issue of lower credit-deposit ratio in West Bengal by ensuring that legitimate lending opportunity is not denied in the state.
Industry body asks Pranab Mukherjee to enhance the excise exemption limit for the small scale sector to INR4.5 crore.