Public sector banks (PSBs) have disbursed loans worth Rs 2.53 lakh crore during the festive month of October, as part of a government-mandated outreach programme. In order to boost credit availability in the economy, Finance Minister Nirmala Sitharaman had in September asked banks to reach out to customers and signal their willingness to lend following all prudential norms.
Under Finance Minister’s direction, outreach camps or loan melas were conducted across 374 districts across the country during October 2019. An amount of Rs 1,05,599 crore was disbursed towards new term loan, while Rs 46,800 crore was given as working capital loan. So fresh lending, including new term loans, was 60 percent of the total disbursement. The banks credited Rs 19,627.26 crore to the non-banking financial companies (NBFCs) during the month of October, which remained under stress due to liquidity crunch following IL&FS criris.
As per the data, corporates availed maximum of Rs 1.22 lakh crore during the month of October, followed by agri loans (Rs 40,504 crore) and MSMEs (Rs 37,210 crore). Home loans to the tune of Rs 12,166 crore were given by banks while vehicle loans stood at Rs 7,058 crore. Out of total credit, Rs 19,627.26 crore was given to NBFCs, the co-origination alone was to the tune of Rs 15,297.18 crore and pool buyout was Rs 1,453.13 crore.’