Banks to disburse Rs 5.6 lakh cr post-lockdown: Sitharaman

Tribune News Service

New Delhi, May 7

Finance Minister Nirmala Sitharaman on Thursday said the economy was poised to recover there was enough credit for the industry in the pipeline after the lockdown was lifted.

Several segments of the industry will soon get loans worth Rs 5.66 lakh crore that were sanctioned by public sector banks (PSBs) between March and April and are awaiting waiting disbursal. “Economy poised to recover!” she posted on Twitter.

The Finance Minister said these pending disbursals will benefit more than 40 lakh accounts, mainly from small and medium enterprises, retail, agriculture and the corporate sectors.

Sitharaman said the RBI directives on loan moratorium had led to over 3.2 crore availing the three-month moratorium. “Quick query redressal allayed customer concerns. Ensuring responsible banking amid Covid,” said the Minister.

For NBFCs and Housing Finance Companies (HFCs), PSBs sanctioned Rs 77,383 crore between March 1 and May 4. Inclusive of TLTRO (targeted long term repo operations) funds, there has been extended total financing of Rs. 1.08 lakh crore which has ensured business stability and continuity, she said.