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Bank of India holds loan outreach programme, disburses Rs 12,500-cr credits

The credit outreach programme was launched on October 16 by all banks across the country on the advice of Finance Minister Nirmala Sitharaman

Bank of India, BOI
During the customer outreach programmes, the bank has sanctioned Rs 5,000 crore and disbursed over Rs 4,000 crore in retail, agri and MSME segment alone, it said

As part of the customer outreach programme, state-owned Bank of India (BoI) on Thursday said it has disbursed about Rs 12,500 crore under the special drive.

The credit outreach programme was launched on October 16 by all banks across the country on the advice of Finance Minister Nirmala Sitharaman to expand loan growth to support the economic revival.

During her review of public sector banks in August, the finance minister had exhorted banks to conduct a credit outreach programme in October to support the revival of economic growth.

Under this programme, banks have been holding special camps across various parts of the country to sanction loans to eligible borrowers as per the prudential norms.

During the month-long 'customer outreach programmes', the bank has sanctioned Rs 5,000 crore and disbursed over Rs 4,000 crore in RAM (retail, agri and MSME) segment alone, Bank of India said in a statement.

Another Rs 8,500 crore disbursal was done in corporate segments, it said.

As part of the initiative, the bank conducted one such camp in the national capital addressed by Managing Director Atanu Kumar Das.

He distributed sanction letters to the beneficiary customers of various banking products, including housing loan, vehicle loan, StandUp and StartUp, MSME and PM SVANidhi schemes to the tune of Rs 300 crore.

Speaking on the occasion, Das said various initiatives have been taken by the bank under RAM in recent times for the benefit of its customers.

Recently, the bank slashed interest rates for home and vehicle loans, he said.

The lender intends to enrol 1,500 banking correspondents during this quarter, he added.