In terms of the pre-revised guidelines on lending to priority sector, bank loans to other NBFCs (other than MFIs including NBFC-MFIs) for on-lending were not classified under priority sector. We have retained these guidelines.
A part of this adjustment must inevitably involve a sharp curtailment of growth in the short run and a contraction of credit. Imports will fall, and so the effects will be spread to other countries. The good news for Australia is that these four countries account for only 10 per cent of Australia’s exports.