A STUDY OF AN IMMERSION OF BANK OF INDIA FOR THE DEVELOPMENT OF PRIORITY SECTOR

Abstract

Priority sector includes the development of agriculture, Micro, Small and Medium Enterprises, Export credit, Education, Housing, Social infrastructure etc. The advances made available to rural population can be said as rural credit. The rural credits are meant for impacting rural population like farmers and those who are engaged in the agricultural task in some manner. Rural credit will accelerate the developmental activities in rural areas of India. Adequate availability of credit on time is an important requirement for the rural people, particularly under the circumstances of scarcity of resources and uncertainty. The objective behind the establishment of regional rural banks was to develop the Indian rural economy. It was aimed at financing agriculture, trade, commerce, industry and other allied activities. The idea was to assist the small and marginal farmers, agricultural laborers and other entrepreneurs engaged in either of the activities. Along with apex banks, an active involvement of nationalized banks even boosts the development of priority sector. Rural banking is even one of the services vertical where bank has its vigorous attention.The present study has considered one of giant nationalized bank “Bank of India” in the Indian Banking Industry with prolonged experience and expertise in the field of banking. The study aims at understanding the intense immersion of Bank of India towards the development of priority sector. The comparative analysis of last five years has been taken into consideration to substantiate the progress towards the contribution for the development of priority sector by Bank of India.