Public quarter banks disburse Rs 4.91 lakh cr mortgage during Oct-Nov

Public quarter banks disburse Rs 4.91 lakh cr mortgage during Oct-Nov

As section of a Government-mandated outreach programme, public area banks have disbursed a report Rs 4.91 lakh crore of loans for the duration of October-November, the finance ministry said on Tuesday.

To increase consumption and revive the economy, Finance Minister Nirmala Sitharaman had in September requested banks to attain out to clients and signal their willingness to lend following all prudential norms.

Under her direction, outreach camps or loan ‘melas’ were performed across 374 districts to enhance deposit delivery and help the wishes of the economy, with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers, without compromising prudential lending.

Banks disbursed Rs 2.52 lakh crore of loans in October and Rs 2.39 lakh crore in November. With this, the complete disbursement through public area banks to a range of sectors since the launch of the Customer Outreach programme in October stands at Rs 4.91 lakh crore, it said. During the two months, banks have given Rs 72,985 crore to MSME quarter while loans to corporates stood at Rs 2.2 lakh crore.

For NBFCs, PSBs disbursed Rs 25,525 crore loan in November, growing sharply from Rs 19,628 crore in October, taking the whole to Rs 45,153 crore, it said.

Total guide sanctioned with the aid of PSBs in the structure of deposit (including co-origination and on-lending) and pool buyouts from NBFCs considering the fact that the IL&FS default in September 2018 till November 2019 has risen to Rs 4.23 lakh crore, along with pool-buyouts of Rs 1.24 lakh crore, it added.

PSBs, that are being effectively capitalised and report recovery underway, have adequate liquidity to support credit growth, it said.

Sitharaman while replying to a question on Taxation Laws (Amendment) Bill, 2019 in the Lok Sabha on Monday stated the Government would make positive that the banks would now not go to  metropolitan cities but to 400 districts and maintain outreach programs to tackle liquidity issue.

“So that whoever methods them, MSMEs, farmers, homebuyers, whoever processes them will get the credit that they would want,” she said. As per the statistics released, banks have given Rs 27,225 crore as home loan, Rs 11,088 crore as automobile loans and Rs 1,111 crore as schooling loan throughout the two months.

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