Weaker Section Finance in India (Role of Public Sector Banks)

Book excerpt: It has been the Endeavour of each state to fulfill the basic needs of its citizens which are primarily food, clothing and shelter. If the governments fail to fulfill these needs for the welfare of their citizens according to the principles of justice, they are not legitimate. Food takes the priority over all the other needs. Which implies that agricultural sector gets top most priority. In India there are thousands of marginal farmers who struggle to make both ends meet. Along with agriculture sector there are other sectors which play an important role to uplift the poor people. As a financial coverage, banking sector in India treat Agriculture, Small Scale Industry and other sectors of prime importance from the socio-economic development point of the nation, as a priority sectors and allot substantial portion of their lending to these sectors.