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Role of Priority Sector and MSME in the Indian Economy
1966-67?
First call from GoI for stepping up credit to agriculture and small-scale industry — gives birth to the idea of directed lending.
1969 — Bank Nationalisation (Jul-19-1969)?
14 major commercial banks nationalised. Gadgil Study Group (Dr. D. R. Gadgil) set up by National Credit Council (NCC) to recommend a priority sector framework — first formal articulation of the term Priority Sector.
1972?
The NCC, on the basis of an internal RBI working-group report, formalised the definition of Priority Sector — agriculture, small-scale industry, road & water transport, retail trade, professional services, education and housing initially listed.
1974?
RBI prescribed one-third (33⅓%) of total advances as the initial PSL target for public-sector banks, to be reached by March 1979.
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