Rural and agricultural credit in India and Gujarat- some aspects
2009
Singh, Pradeep K. | Chauhan, D.J.
Comprehensive Rural Credit Policy of India began with the publication of the Report of All India Rural Credit Survey Committee in 1954. The Report revealed that, in 1951-52, the share of institutional credit to rural households was only 7.3 percent with the share of commercial banks lending being a merely 0.09 per cent. This reveals that the commercial banks and other financial institutions played an insignificant role in financing the farmers. However, banks became important instruments for rural finance with the nationalisation of 14 commercial banks in 1969. Later on, in 1980, six more banks were nationalized. In 1975 a major step of establishing regional rural banks (RRBs) was taken. The RRBs were set up in different states with equity participation from commercial banks, Central Government and state governments. For channelising the credit to rural areas the RBI had made various arrangements. For the consolidation of these efforts the NABARD was established in 1982. RBI introduced "Service Area Approach" for commercial banks. This scheme was to concentrate on focused lending and contribute to development of the area. Next, the concept of Local Area Banks was taken up in 1996-97. Apart from the availability of credit lines from RBI the concept of "priority sector" was evdved as a policy measure to enhance the flow of credit to rural areas (Sehgal, 2007).
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