Categories: Business

PSU bank sanction 6.45 lakh crore worth loans between march 1 to may 15

Photo: GOOGLE

Finance Minister

new Delhi. Public sector banks (PSBs) approved loans worth Rs 6.45 lakh crore between March 1 and May 15 to various sectors, including small and medium scale industries (MSME), agriculture and retail, amid the Corona virus crisis. Earlier, these banks had approved loans worth Rs 5.95 lakh crore till May 8. Giving information in a tweet, Finance Minister Nirmala Sitharaman said, "Between March 1 and May 15, PSB sanctioned loans of over Rs 6.45 lakh crore. Of these, 54.96 lakh accounts are from MSME, agriculture and retail sectors. There has been a significant increase in lending, as on May 8, the figure was Rs 5.95 lakh crore.

The Finance Minister said that the public sector banks approved more than Rs 1.03 lakh crore in the form of emergency loans and increase in working capital from March 20 to May 15, soon after the public announcement of the lockdown by the public sector banks. In the week, it introduced an emergency lending arrangement to fund its existing MSME and corporate borrowers. Under this scheme, banks provide 10 per cent of the existing corpus based on working capital limit in the form of additional loan, which has a maximum limit of Rs 200 crore.

This post was published on May 19, 2020 3:03 pm

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