RBI ups priority loan target for foreign banks

The Reserve Bank of India (RBI) has increased the priority sector lending target for foreign banks with 20 branches or more to 40 percent from 32 percent in a phased manner over a maximum period of five years starting April 1, 2013.
In a revised guidelines on priority sector lending issued on Friday, the central bank said these lenders would have to submit an action plan for achieving the target over a specific time frame to be approved by the RBI. State-run banks already have a priority sector lending target of 40 percent.