Ministry of Finance says overall credit disbursement to Priority Sectors jumped 85% from 2019 to 2024

Ministry of Finance stated in a latest update that overall credit disbursement to priority sectors including Agriculture, MSME and Social Infrastructure by banks in 2019 was Rs 23,01,567 crores, which has risen to Rs 42,73,161 crores in 2024, recording an increase of 85% over the six-year period. Within priority sector lending, the overall credit disbursement to the agriculture sector has seen steady and positive growth from 2019 to 2024. In 2019, the total disbursement to the sector was Rs 8,86,791 crore, and by 2024, it has significantly increased to Rs 18,27,666 crore (Data for Agriculture includes credit disbursement towards agriculture infrastructure by banks). The overall credit disbursement to the MSME sector has also increased steadily from Rs 10,99,055 crore in 2019 to Rs 21,73,679 crore in 2024. As the financial landscape continues to evolve and to enhance quality of banking services for customers, banks have been collaborating with FinTechs for provisioning of various services to the customers.

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