Public sector banks (PSBs) disbursed ₹4.91 lakh crore in the customer outreach programme during October and November, the Finance Ministry said on Tuesday.
Boost for economy
It may be recalled that the Finance Minister Nirmala Sitharaman had, in September, announced the launch of customer outreach initiative by PSBs to improve credit delivery and support the needs of the economy. This initiative had a particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowerswithout compromising on prudential lending.
Customer outreach in October 2019 resulted in total credit disbursement of ₹2.52-lakh crore. In November, it was ₹2.39-lakh crore.
This has raised the total disbursement to ₹4.91-lakh crore.
To boost the MSME sector, public sector banks have disbursed ₹35,775 crore in November, raising the total customer outreach credit disbursed to MSMEs to ₹72,985 crore.
PSBs disbursed ₹25,525 crore in November, increasing sharply from ₹19,628 crore in October, raising the total customer outreach credit disbursed to NBFCs to ₹45,153 crore.
PSBs have sufficient liquidity to support credit growth, an official release said.