Foreign banks should achieve priority lending targets by 2019 - RBI

MUMBAI (Reuters) - Reserve Bank of India (RBI) said on Thursday foreign banks that have more than 20 branches should achieve lending targets to agriculture, small and medium sized firms and housing projects by March 2019.

Overseas banks with fewer than 20 branches will move to a so-called priority sector target of 40 percent of adjusted net bank credit, or credit equivalent amount of off-balance sheet exposure, whichever is higher, on a par with Indian banks, by 2019-20, Reserve Bank of India said in a notification.

Medium enterprises, social infrastructure and renewable energy will form part of the priority sector, in addition to the existing categories, it said.

(Reporting by Indulal PM; Editing by Alison Williams)