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shine india magazine subscription Published this articles page no 123

In 1967 there emerged a debate on social banking and consequently 14 private sector banks were nationalised in 1969 to serve the unbanked. The concept of priority sector lending became important by 1974 which implied directed lending to unbanked areas and in 1980 eight more private banks were nationalised to extend banking in rural areas and for vulnerable sections of society. Since then there was considerable reorientation of bank lending to accelerate the process of development especially of the priority sector of the economy which had not previously received sufficient attention.shine india magazine subscription