The concept of weaker sections under ‘priority sector’ was introduced on the recommendation of which of the following committees?

The concept of weaker sections under ‘priority sector’ was introduced on the recommendation of which of the following committees?

[A] Krishnaswami Committee

[B] Varshney Committee

[C] Gadgil Committee

[D] Abid Hussain Committee

Correct Answer: A [Krishnaswami Committee]

Notes:

The term Priority Sector Lending was defined in the year 1972 by Krishnaswamy Committee. Initially banks were given a Priority sector lending target of 33.33%. But following the Krishnaswami Committee’s recommendations, the targets were raised to 40%.

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