Public sector banks sanction loans value 6 lakh cr in two months

NEW DELHI: Public sector banks (PSBs) have sanctioned loans value Rs 5.95 lakh crore within the final two months to numerous sectors, together with MSME, agriculture and company, hit arduous by COVID-19-induced nationwide lockdown.

Non-bank finance corporations (NBFCs) have acquired Rs 1.18 lakh crore from these banks through the interval between March 1 and Could 8.

“PSBs sanctioned loans value Rs 5.95 lakh crore for greater than 46.74 lakh accounts from the MSME, Retail, Agriculture & Company sectors between March 1 and Could 8, 2020. Complete financing value Rs 1.18 lakh crore was supplied to NBFCs,” Finance Minister Nirmala Sitharaman mentioned in a tweet on Tuesday.

With the lockdown coming into impact from March 25, state-owned banks opened a further line of credit score of 10 per cent of the present fund based mostly on working capital limits, topic to a most of Rs 200 crore.

“Between March 20 – Could 8, Public Sector Banks contacted 97 per cent of debtors eligible for emergency credit score strains & working capital enhancements and sanctioned loans value Rs 65,879 crore, up from the Rs 26,500 crore sanctioned as of Could 4,” Sitharaman mentioned in one other tweet.

The central authorities had imposed a 21-day lockdown from March 25 to examine the unfold of coronavirus.

The lockdown has been prolonged until Could 17 with some relaxations.

Prime Minister Narendra Modi goes to handle the nation later in the present day which will give route to future plan of action to cope with the pandemic.

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