Title current - 18.pdf ✅

www.iaritoppers.in Whatsapp : +91-9694095242 Page | 1 Union Budget 2023-24  500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore. 5 per cent compressed biogas mandate to be introduced for all organizations marketing natural and bio gas.  Centre to facilitate one crore farmers to adopt natural farming over the next three years. For this, 10,000 Bio-Input Resource Centres to be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.  Agriculture Accelerator Fund to be set-up to encourage agri-startups by young entrepreneurs in rural areas.  To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.  ₹20 lakh crore agricultural credit targeted at animal husbandry, dairy and fisheries  A new sub-scheme of PM Matsya Sampada Yojana with targeted investment of ₹6,000 crore to be launched to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.  Digital public infrastructure for agriculture to be built as an open source, open standard and inter operable public good to enable inclusive farmer centric solutions and support for growth of agri- tech industry and start-ups.  Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of ₹2,516 crore initiated.  Massive decentralised storage capacity to be set up to help farmers store their produce and realize remunerative prices through sale at appropriate times. Current Affairs Part-18
www.iaritoppers.in Whatsapp : +91-9694095242 Page | 2 Priority Sector Lending (Asked in AFO 2022) ( Source : https://www.rbi.org.in/ ) Priority Sector means those sectors which the Government of India and Reserve Bank of India consider as important for the development of the basic needs of the country and are to be given priority over other sectors. The banks are mandated to encourage the growth of such sectors with adequate and timely credit. The categories under priority sector are as follows: 1. Agriculture 2. Micro, Small and Medium Enterprises 3. Export Credit 4. Education 5. Housing 6. Social Infrastructure 7. Renewable Energy 8. Others Targets /Sub-targets for Priority sector : Category Domestic commercial banks (excl. RRBs & SFBs) & foreign banks with 20 branches and above Foreign banks with less than 20 branches Regional Rural Banks Small Finance Banks Agriculture 18 per cent of ANBC or CEOBE, whichever is higher; out of which a target of 10 percent is prescribed for Small and Marginal Farmers (SMFs) Not applicable 18 per cent ANBC or CEOBE, whichever is higher; out of which a target of 10 percent# is prescribed for SMFs 18 per cent of ANBC or CEOBE, whichever is higher; out of which a target of 10 percent# is prescribed for SMFs Micro enterprises 7.5% Not applicable 7.5% 7.5% Advances to weaker sections 12% Not applicable 15% 12%
www.iaritoppers.in Whatsapp : +91-9694095242 Page | 3 Total Priority Sector 40 per cent of ANBC as computed or CEOBE whichever is higher 40 per cent of ANBC as computed or CEOBE whichever is higher; out of which up to 32% can be in the form of lending to Exports and not less than 8% can be to any other priority sector 75 per cent of ANBC 75 per cent of ANBC or CEOBE whichever is higher ANBC = Adjusted Net Bank Credit #The targets for lending to SMFs and for Weaker Sections shall be revised upwards from FY 2021- 22 onwards as follows: Financial Year Small and Marginal Farmers target * Weaker Sections target ^ 2020-21 8% 10% 2021-22 9% 11% 2022-23 9.5% 11.5% 2023-24 10% 12% * Not applicable to UCBs ^ Weaker Sections target for RRBs will continue to be 15% of ANBC or CEOBE, whichever is higher.
www.iaritoppers.in Whatsapp : +91-9694095242 Page | 4 Urban Co-operative Bank (UCBs) shall comply with the stipulated targets as under: Categories Primary Urban Co-operative Banks Total Priority Sector 40 per cent of ANBC or CEOBE, whichever is higher, in FY2019-20, which shall stand increased to 75 per cent of ANBC or CEOBE, whichever is higher, with effect from FY2025-26. UCBs shall comply with the stipulated target as per the following milestones: FY2019- 20 FY2020- 21 FY2021- 22 FY2022- 23 FY2023- 24 FY2024- 25 FY2025- 26 40% 45% 50% 60% 60% 65% 75% Micro Enterprises 7.5 per cent of ANBC or CEOBE, whichever is higher Advances to Weaker Sections 12 per cent of ANBC or CEOBE, whichever is higher. The revised targets for weaker sections will be implemented in a phased manner as indicated below: FY2019- 20 FY2020- 21 FY2021- 22 FY2022- 23 FY2023- 24 FY2024- 25 FY2025- 26 10.00% 11.00% 11.50% 11.50% 11.50% 11.75% 12.00% The applicable target for lending to the non-corporate farmers for FY 2022-23 will be 13.78% of ANBC or CEOBE whichever is higher. Description of Eligible Categories Under Priority Sector Agriculture:  The lending to agriculture sector will include Farm Credit (Agriculture and Allied Activities), lending for Agriculture Infrastructure and Ancillary Activities. Farm Credit - Individual farmers:  Loans to individual farmers [including Self Help Groups (SHGs) or Joint Liability Groups (JLGs) i.e. groups of individual farmers, provided banks maintain disaggregated data of such loans] and Proprietorship firms of farmers, directly engaged in Agriculture and Allied Activities, viz. dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture.