Public Sector Banks Disburse Record Rs 4.9 Lakh Crore Loans In Last Two Months
The portrait of Mahatma Gandhi is displayed on an Indian banknotes. (Photographer: Brent Lewin/Bloomberg) 

Public Sector Banks Disburse Record Rs 4.9 Lakh Crore Loans In Last Two Months

Bookmark

Public sector banks disbursed a record Rs 4.91 lakh crore of loans during the festive month of October and November, the finance ministry said on Tuesday.

In a bid to boost consumption and revive the economy, Finance Minister Nirmala Sitharaman in September had asked banks to reach out to customers and signal their willingness to lend following all prudential norms.

Under her direction, outreach camps or loan melas were conducted across 374 districts across the country to improve credit delivery and support the needs of the economy, with particular focus on micro, small and medium enterprises, non-banking financial companies, corporates, retail and agriculture sector borrowers, without compromising prudential lending.

During October, banks disbursed Rs 2.52 lakh crore while Rs 2.39 lakh crore in November.

This has raised the total disbursement by public sector banks to various sectors since the launch of the Customer Outreach in October to Rs 4.91 lakh crore, it said.

Also read: ‘PSB Loans In 59 Minutes’ Sets Its Sights On Larger Advances

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.