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Emergency MSME loans on priority of banks: Sitharaman
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SME Times News Bureau | 08 May, 2020
Finance Minister Nirmala Sitharaman on Thursday said that the Indian
economy is poised to recover from the recent crisis brought upon by the
coronavirus pandemic with the public sector banks (PSB) sanctioning
loans worth Rs 5.6 lakh crore in just two months, March and April, to
over 41 lakh accounts.
In a tweet, the office of Sitharaman said
that the borrowers include MSMEs, retailers, farmers and corporate and
the amounts would be disbursed once the lockdown is lifted.
"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,"
the tweet said.
In a series of tweets, her office has outlined
the development in terms of loans given by public sector banks and the
loan moratorium allowed by the Reserve Bank of India (RBI).
Another
tweet said that for MSMEs and others, pre-approved emergency credit
lines and working capital enhancements are being prioritised by
state-run banks. Noting that it is a work in progress, the minister said
that more than 27 lakh customers contacted from March 20 and 2.37 lakh
cases sanctioned loans worth Rs 26,500 crore.
Observing that the
there has been smooth credit flow to non-banking finance companies
(NBFC) and housing finance companies (HFC), Sitharaman's office tweeted:
"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 lakhcrore, ensuring
business stability & continuity going forward. @FinMinIndia
@DFS_India @PIB_India."
The Finance Minister, who is also leading
the task force for the economic response to the pandemic said that PSBs
have complemented to the Reserve Bank of India's (RBI) moratorium on
loan repayment.
Over 3.2 crore accounts have availed the three-month loan moratorium, said another tweet.
"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."
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