Question

The concept of 'Priority Sector Advances' was formulated in _______.

• A. 1960
• B. 1968
• C. 1978
• D. 1962

Answer 1

Answer: (B)

$1968$ The priority sector advances which is also known as priority sector lending basically refers to lending to those sectors of the economy which may not get adequate credit or the loan on timely basis so the priority sector advances is an important role which has been given by the Central Bank of India to the banks to provide a specified portion of the bank lending to the specific sectors of the economy so as to give the priority to some of the sectors who do not get the timely credit.