Banks extend Rs 11,168 cr loans in outreach programme during festive season

Public sector and private banks have sanctioned over 193,000 loans via 924 camps in 405 districts from October 16-20, FM Nirmala Sitharaman says in Tweet

Public and private sector banks have collectively sanctioned loans worth Rs 11,168 crore to 193,000 borrowers through the credit outreach programme during the festive season.

As part of the government’s nationwide credit outreach programme, the banks have sanctioned loans through 924 camps held in 405 districts from October 16-20, Finance Minister Nirmala Sitharaman tweeted.

These loans are over and above those sanctioned and disbursed under the various central government loan guarantee schemes such as the Emergency Credit Line Guarantee Scheme.

Highest advances of about Rs 6,268 crore were availed of as business loans by over 100,000 borrowers. This was followed by agriculture loans worth Rs 1,874 crore that were availed of by 62,616 borrowers. Housing and vehicle loans during the programme stood at Rs 762 crore and Rs 448 crore, respectively.

Most loans worth Rs 3,033 crore were sanctioned in Jammu and Kashmir, followed by Uttar Pradesh (Rs 1,353 core). About Rs 935 crore worth loans were sanctioned in Andaman and Nicobar, Rs 874 crore in Gujarat, and Rs 869 crore in Odisha.

During the review of PSBs organised in August, Sitharaman had asked banks to conduct credit outreach programme in October to support revival of economic growth.

The Centre had also asked PSBs to aggressively target financial inclusion, expand pension and insurance coverage and, at the same time, use financial technology (fintech) to extend credit to borrowers during the festive season through co-lending arrangements.