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Social Functions of Banks
Public Sector Banks have been instructed to give:
Advances to priority sector :- Banks are required to give advances particularly to small borrower in the sector such as agriculture, small scale industry, road and water transport, retail trade, small housing loans to SC and ST.
Credit to weaker sections :- Commercial banks have been advised by Reserve Bank of India to provide at least 10% of their net bank credit of 25% of their priority sector advances to weaker sections comprising marginal farmers, landless labourers, tenant farmers, artisans etc..
Credit flow to agriculture :- Banks have been given targets to be achieved in giving finance to the agricultural sector.
Advances to SC and ST borrowers :- Banks have been asked to make special efforts to give loan to SC and ST borrowers.
Integrated rural development programme :- Banks have been asked to give subsidy and credit assistance to identified poor families for acquiring income generating assets to improve their standard of life.
Regional Rural Banks :- In addition to providing banking facilities to rural masses, provide institutional credit to the weaker sections of the society, at confessional rate of interest, who had been depending on money lenders.
Prime Minister Rozgar Yojana (PMRY) for educate unemployed youth was launched on 2nd October 1993. The objective of the scheme is to provide sustained employment to uneducated urban youth.
Prime Minister's Integrated Urban Poverty Eradication Programme introduced in January 1996. It has 2 components
(1) Self-employment Scheme
(2) Shelter Upgradation Scheme
The urban poor is eligible for a maximum project cost of Rs 1 lakh.
Industrial Development Bank of India is the principal financial institution for providing credit and other facilities for developing industries and assisting development of such institutions.
Export-Import Banks of India was established on 1st January 1982 for financing, facilitating and promoting foreign trade in India.
Industrial Credit and Investment Corporation of India was established in 1955 to encourage and assist industrial units in the country. Its objective is to provide assistance in the creation, expansion and modernisation of industrial enterprices, encouraging and promoting participation of private capital both external and internal etc..
National Housing Bank started working in July 1988. The paid up capital of this bank is entirely subscribed by Reserve Bank of India.
Small Industries Development Bank of India started working from 2nd April 1990. It is engaged in assisting the small scale industrial sector through institutions like State Financial Corporation, Commercial Banks, State Industrial Development Corporation.
NABARD :- National Bank for Agriculture and Rural Development was born on 12th July 1982. It is meant to provide credit for promotion of agriculture, small scale industries, cottage village industries, handcraft and other economic allied activities in rural areas. It is concerned with all policy planing and operation in the field of credit for agriculture etc. It also refinance the state land development bank, state cooperative banks and regional rural banks. It started issuing Kissan Credit Cards for short term loans in 1998-99.
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