PSBs disbursed Rs. 2.39 lakh crore credit in the month of November: Finance Minister

Public sector banks have disbursed the credit of Rs. 2.39 lakh crores to non bank lenders, farmers to access the fund, said finance minister.

Finance ministry told that in the month of October, many loan melas and outreach camps were organized in two phases in 374 districts in the country. All these were resulted into the credit disbursement by the banks of Rs. 2.52 lakg crores. Disbursements were from camps and bank branches.

To get more customer demand in the situation when economy is experiencing a downfall, the finance ministerhad prodded state owned lenders so that more customers can be attracted.

“The strong outreach effort of PSBs has continued in November as well, with disbursement of 2.39 lakh crore to MSMEs (micro, small and medium enterprises), NBFCs (Non-banking financial companies), corporates, retail and agriculture sector borrowers. This has raised the total disbursement by PSBs to these sectors since the launch of the customer outreach in October to 4.91 lakh crore,” the finance ministry said in a statement.

Banks disbursed about 35,775 crore to MSMEs in November, raising the total customer outreach credit disbursed to 72,985 crore since October.

This has been done to get more customers and for the growth of economy. Also this would help in the job creation in the country.

“Total support sanctioned by PSBs in the form of credit to (including co-origination and on-lending) and pool buyouts from NBFCs since the IL&FS default in September 2018 till November 2019 has risen to 4.23 lakh crore, including pool-buyouts of 1.24 lakh crore,” the ministry said in a statement.