Image of Banks Changed in Festive Season, Loans worth Rs 2.5 Lakh Crore given in October

In the month of October, government banks (PSB) have disbursed a record Rs 2.5 lakh crore of loans. This is a good news amid the constant negative news of the economy.
Image of Banks Changed in Festive Season, Loans worth Rs 2.5 Lakh Crore given in October

This year, in October of the festive season, government banks (PSB) have disbursed a record Rs 2.5 lakh crore of loans. This is a good news amid the constant negative news of the economy.

According to a statement by the Department of Financial Services, Ministry of Finance, Public sector banks have disbursed loans worth Rs 2,52,589 crore during October. New term loans worth about Rs 1,05,599 crore were given, while new working capital loans of Rs 46,800 crore were given.

In order to increase consumption and support the economy, Finance Minister Nirmala Sitharaman had asked banks in September to reach as many customers as possible. Banks were asked to give this message to the customers that after following all types of standards, they are ready to give loans. Following his message, banks set up camps for loan disbursement in 374 districts of the country during October 2019.

Thus, 60 per cent of this distribution is in the form of new term loans. Finance Secretary Rajiv Kumar said, "This picture is a story of complete change, banks are fully equipped with capital and they are also in a position to meet any kind of loan requirement." He said that after two years of relentless efforts of the government, the situation of public banks has changed. A loan of Rs 19,627.26 crore has been given to Non-Banking Financial Companies (NBFC) during October 2019.

Under the outreach program of the Ministry of Finance, loan disbursement camps were organized in 226 districts of the country from 1 to 9 October in the first phase and in 148 districts from 21 to 25 October in the second phase, by the public sector banks, private banks and non-banking financial companies. In such loan fair, along with opening of new accounts with Aadhaar, programs of mobile banking and popularizing Bhima app were also run.

During the figures, the maximum loan of Rs 1.22 lakh crore was obtained by the corporate in October. After this, agricultural loans worth Rs 40,504 crore and loans worth Rs 37,210 crore were given to MSMEs. Banks distributed home loans worth Rs 12,166 crore and vehicle loans worth Rs 7,058 crore during this period.

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