You are here: Home » Finance » News » Banks
Business Standard

Banks lend Rs 63,574 crore to 1.38 mn borrowers via outreach programme

Both public and private banks have extended credit through 10,580 camps under the programme. Loans are over and above those under various central government loan guarantee schemes

Topics
Banks | Credit

Nikunj Ohri  |  New Delhi 

Banking, Finance, Banks
Imaging: Ajay Mohanty

have sanctioned worth Rs 63,574 crore to 1.38 million borrowers through the outreach programme between October 16-31. The outreach programme has been organised to improve credit access during the festive season, as the economy recovers from the impact of Covid-19.

Both public and private sector lenders have extended credit through 10,580 camps under the nationwide credit outreach programme. These loans are over and above those sanctioned and disbursed under various central government loan guarantee schemes such as the Emergency Credit Line Guarantee Scheme.

India’s largest lender State Bank of India (SBI) sanctioned loans to 320,000 borrowers worth Rs 14,461 crore. This was followed by HDFC Bank that sanctioned loans of Rs 8,421 crore to 51,806 borrowers, and Bank of Baroda sanctioning Rs 5,555 crore worth loans to 120,000 borrowers. Regional rural extended credit worth Rs 5,399 crore to 260,000 borrowers.

Loans of 8,655 crore were sanctioned in Uttar Pradesh to 188,000 borrowers followed by Gujarat where credit worth Rs 8,503 crore was sanctioned to 61,139 borrowers. Borrowers in Rajasthan, Andhra Pradesh and Karnataka received credit worth Rs 7,467 crore, Rs 6,282 crore, and Rs 5,659 crore, respectively.

Most loans by value were sanctioned in the category of business loans worth 21,687 crore. Such loans were extended to 320,000 borrowers. This was followed by agricultural loans worth Rs 16,734 crore (710,000 borrowers), and housing loans worth Rs 8,994 crore (41,226 borrowers). Personal and consumer durable loans worth Rs 7,122 crore, and vehicle loans worth Rs 4,562 crore were sanctioned during the period.

During the review of PSBs organised in August, Minister Nirmala Sitharaman had asked lenders 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.

chart

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 02 2021. 16:33 IST
RECOMMENDED FOR YOU
.