Banks sanction Rs 63,574 crore under credit outreach initiative: Finance Ministry

By: |
November 02, 2021 3:50 PM

Banks held similar outreach programmes between October 2019 and March 2021 and fulfilled all kinds of credit requirements of the RAM sector (Retail, Agriculture and MSME).

Cash 04The Finance Ministry said Rs 4.94 lakh crore were distributed under the outreach programme. (Representative image)

Banks have sanctioned loans worth Rs 63,574 crore to about 13.84 lakh borrowers in a fortnight under the credit outreach programme, Finance Minister Nirmala Sitharaman said on Tuesday.

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.

Most of the banks have announced festival offers at concessional rates of interest and waived processing charges.

Since the commencement of the government’s nationwide Credit Outreach Programme on October 16, 2021, 13.84 lakh loans totalling Rs 63,574 crore have been sanctioned through 10,580 camps held across the country as of October 31, a tweet by the Finance Minister’s office said.

“The loans under the Credit Outreach Programme are over and above those sanctioned and disbursed under the various Central Government loan guarantee schemes,” it added.

As per the data shared by the Finance Ministry, as much as Rs 21,687.23 crore in business loans were sanctioned to about 3.2 lakh beneficiaries, while vehicle loans worth Rs 4,560,39 crore were sanctioned to 59,090 borrowers.

Housing loans worth Rs 8,994.25 crore were sanctioned to 41,226 borrowers as of October 30, 2021, it said.

Over 7 lakh farmers availed Rs 16,734.62 crore agriculture loan in the last fortnight under the initiative.

Similar outreach programmes were held between October 2019 and March 2021 by banks and fulfilled all kinds of credit requirements of the RAM sector (Retail, Agriculture and MSME).

The Finance Ministry said Rs 4.94 lakh crore were distributed under the outreach programme.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Forex reserves down by USD 2.713 mn to USD 637.687 bn
2Rs 374.78 cr payment pending for reprocessing under PM-KISAN since 2019: Centre
3No acute shortage of fertilisers; availability of DAP for rabi season more than demand: Govt