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Banks sanction Rs 5.95 cr loan in just over 2 months: Sitharaman
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SME Times News Bureau | 12 May, 2020
Finance Minister Nirmala Sitharaman on Tuesday said the public sector
banks (PSB) sanctioned Rs 5.95 crore in just over two months, between
March 1 and May 8, to over 46.74 lakh accounts. The borrowers for the
sanctioned loans include MSMEs, retailers, farmers and corporate
sectors.
She had earlier said that higher bank sanctions is
indicative that the Indian economy is poised to recover from the recent
crisis brought upon by the coronavirus pandemic.
"PSBs
sanctioned loans worth Rs 5.95 lakh crore for more than 46.74 l akh
accounts from the MSME, Retail, Agriculture & Corporate sectors
between March 1 and May 8, 2020," the tweet from Nirmala Sitharaman's
office said.
"Total financing worth Rs 1.18 lakh crore was provided to NBFCs," it added.
Besides,
loan sanctions to various industrial sectors, government is also
ensuring that the current coronavirus outbreak does not result in
liquidity crisis for businesses.
In this regard, almost all
eligible borrowers for emergency credit lines and working capital have
been contacted by banks and sanctioned over Rs 60,000 crore in credit
that had more than doubled in just four days.
"Between March 20
and May 8, Public Sector Banks contacted 97 per cent of borrowers
eligible for emergency credit lines & working capital enhancements
and sanctioned loans worth Rs 65,879 crore, up from the Rs 26,500 crore
sanctio ned as of May 4," said another tweet from the office of the FM.
Government's
is ensuring that present coronavirus pandemic is prevented from making a
serious dent on the Indian economy. It this wants that inv estments
should not be stopped and banks should ensure that all eligible bor
rowers get sufficient funds.
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