New Delhi: Finance Minister Nirmala Sitharaman on Thursday said public sector banks have sanctioned loans worth Rs 5.66 lakh crore during March-April and the disbursement will start soon after the lockdown is lifted, leading to economic recovery.
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! Sitharaman said in a tweet.
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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 " class="align-text-top noRightClick twitterSection" data="
">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, 2020During 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
She further said that state-owned banks implemented the moratorium announced by the RBI on repayment of loans.
"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, she tweeted.
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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 " class="align-text-top noRightClick twitterSection" data="
">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, 2020PSBs 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
Sitharaman also said public sector banks (PSBs) sanctioned loans worth Rs 77,383 crore between March 1 and May 4 to provide sustained credit flow to NBFCs and housing finance companies.
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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 " class="align-text-top noRightClick twitterSection" data="
">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, 2020Sustained 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
Read more:MSME sector on verge of collapse: Gadkari
Besides, under the Targeted Long Term Repo Operations (TLTROs), total financing of Rs 1.08 lakh crore was extended "ensuring business stability and continuity going forward", she added.
For MSMEs and others, pre-approved emergency credit lines and working capital enhancements are being prioritised by PSBs.
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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 " class="align-text-top noRightClick twitterSection" data="
">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, 2020For 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
"...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," she said in another tweet.
India imposed the lockdown from March 25 for 21 days in the first phase and later extended it two times until May 17 to check the spread of coronavirus.
(PTI Report)
