A committee headed by the CMD of Union Bank of India, Mr. M. V. Nair has been set up by the apex bank to review issues related to priority sector lending. The Reserve Bank of India is planning to categorize housing finance to the weaker sections under priority lending.
The Deputy Governor of Reserve Bank of India, H. R. Khan said, "We are trying to put housing finance for weaker section as a part of priority sector. There is a committee which is looking into it. Hopefully, by the first week of February this report will come."
The committee is set up RBI to look into the existing inconsistencies in guidelines set for the priority sector lending. It will further explore new regions that can be included under it. There are various other domains that the committee will review including limit of loan amounts.