RBI brings more services under priority sector lending.

Byline: Our Bureau

Targets for larger foreign banks to be brought on a par with domestic ones

Foreign banks having 20 or more branches in India will be brought on a par with domestic banks for fulfilling priority sector lending targets in a phased manner.

They will have to achieve the target over a maximum period of five years starting April 1, 2013, according to Reserve Bank of Indiaas revised guidelines on priority sector lending (PSL).

These banks will be required to submit an action plan for achieving the targets over a specific timeframe to be approved by the RBI. The PSL target for Indian banks is set at 40 per cent of their adjusted net …