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Our Bureau

Mumbai , July 1

COMMERCIAL banks will soon be short of one investment avenue to meet their priority sector lending target of 40 per cent.

In a press release, the Reserve Bank of India said that investment by banks in venture capital will not be eligible for classification under priority sector lending.

Since April 1999, investments made by commercial banks in venture capital are considered as part of priority sector lending, provided the venture capital funds or companies are registered with the Securities and Exchange Board of India. However, the RBI has now done away with this classification.

The release added that investments, which have already been made in venture capital, would not be eligible for classification under priority sector lending with effect from April 1, 2006.

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