Public Sector Banks sanction loans worth Rs 5.66 lakh cr for more than 41 lakh accounts during March-April
Finance Minister Nirmala Sitharaman on Thursday said, the "Economy is poised to recover!" as the public sector banks (PSBs) have sanctioned loans worth Rs 5.66 lakh crore for more than 41 lakh 81 thousand accounts during March-April this year. The statement comes at a time when the announcement of the expected economic package is being delayed as it is being readied by the centre.
In a series of tweets, Office of Finance Minister Nirmala Sitharaman said, these borrowers are from MSME, Retail, Agriculture and Corporate sectors, waiting for disbursal of the fund. These funds will be disbursed soon after the lockdown is lifted.
During March-April 2020, PSBs sanctioned loans worth Rs 5.66 lakh cr for more than 41.81 lakh accounts. These borrowers are from MSME, Retail, Agriculture & Corporate sectors, waiting for disbursal soon after #lockdown lifts. Economy poised to recover! @FinMinIndia @DFS_India
— NSitharamanOffice (@nsitharamanoffc) May 7, 2020
For MSMEs and others, pre-approved Emergency credit lines and working capital enhancements are being prioritised by Public Sector Banks. More than 27 lakh customers have contacted from March 20, 2020, and 2.37 lakh cases have been sanctioned loans worth Rs 26,500 crore.
For MSMEs and others, pre-approved Emergency credit lines & working capital enhancements being prioritised by PSBs. More than 27 lakh customers contacted from March 20 and 2.37 lakh cases sanctioned loans worth Rs. 26,500 cr. A work in progress. @DFS_India @FinMinIndia @PIB_India
— NSitharamanOffice (@nsitharamanoffc) May 7, 2020
Funds worth Rs 1.08 lakh crore, inclusive of TLTRO funds, have been sanctioned to non-banking financial companies (NBFCs) and housing finance companies (HFCs). The funds were sanctioned to ensure the credit flow to NBFCs and HFC ensuring business stability and continuity going forward.
Public Sector Banks (PSBs) complemented RBI on loan moratorium. Their effective communication and proactive actions ensured that over 3.2 crore accounts availed three-month moratorium. Quick query redressals allayed customer concerns and ensured responsible banking amid lockdown.
PSBs complemented RBI on loan moratorium. Their effective communication & proactive actions ensured that over 3.2 cr. a/c availed 3-month moratorium. Quick query redressals allayed customer concerns. Ensuring responsible banking amid #lockdown @FinMinIndia @DFS_India @PIB_India
— NSitharamanOffice (@nsitharamanoffc) May 7, 2020
In the case of non-banking financial companies (NBFCs) and housing finance companies (HFCs), PSBs have sanctioned Rs 77,383 crore between March 1 and May 4, 2020. Inclusive of TLTRO funds, extended total financing of Rs. 1.08 lakh crore, ensuring business stability & continuity going forward.
Sustained credit flow to #NBFCs & HFCs in #COVID19! PSBs sanctioned loans worth Rs. 77,383 cr. b/w Mar 1-May 4. Inclusive of TLTRO funds, extended total financing of Rs. 1.08 lakh crore, ensuring business stability & continuity going forward. @FinMinIndia @DFS_India @PIB_India
— NSitharamanOffice (@nsitharamanoffc) May 7, 2020