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Madurai banks not confirming to the mandatory lending requirements to the weaker sections [Monday, November 30, 2009]
S Selvaraj, Assistant Manager of Reserve Bank of India expressed concerns over the fact that some of the banks based in Madurai was not meeting their mandatory lending practices to the 'weaker sections'. Some of the private and public sector banks as noticed by him was not making the obligatory lending target of 1 percent of the total advances to the weaker sections. Some of the banks were also expected to have left the loan applications pending. The assistant manager expressed displeasure in the lending practises of these banks and insisted that they lend out the mandatory share to the weaker sections.