The Reserve Bank of India has introduced a requirement for lenders to obtain auditor certification when claiming Priority Sector Lending benefits. This marks a significant shift in how PSL compliance is verified and reported to regulators.
The move addresses three core issues: preventing double-counting of advances across lenders, improving the accuracy of PSL data submitted to the RBI, and strengthening regulatory oversight of the sector. Previously, lender self-reporting created gaps that auditor certification now closes.
PSL targets have long been a cornerstone of RBI's credit allocation policy, directing a portion of bank lending toward agriculture, small business, and other priority sectors. This new requirement applies across all entity types claiming such benefits.
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)