Defending the decision to put foreign lenders with a substantial presence at par with domestic banks on priority sector lending (PSL),Reserve Bank of India deputy governor KC Chakrabarty on Saturday said foreign banks must play their role in the nations development. You must participate in the development process of the country if you want to think big, Chakrabarty said on the sidelines of an ICAI event here. He further said that foreign banks have been given sufficient time of five years to raise their PSL portion to 40 per cent from 32 per cent currently. The move will impact only four of 55 foreign banks,which have over 20 branches. Accordingly,Standard Chartered Bank,Citi,HSBC and Royal Bank of Scotland would come under the ambit of the new norms.
