Money & Banking

PSBs sanction ₹6.45 lakh crore loans from March 1 to May 15

Our Bureau New Delhi | Updated on May 19, 2020

The Finance Ministry on Tuesday said that Public Sector Banks ( PSBs) have sanctioned loans worth over ₹6.45 lakh crore during May 1-May 15. The approved loans pertained to 54.96 lakh accounts from MSME, Retail, Agriculture and Corporate sectors.

This sanctioned level of ₹6.45 lakh crore as on May 15 is a "notable increase" compared to the ₹5.95 lakh crore sanctioned as of May 8, the Finance Minister Nirmala Sitharaman's office tweeted.

This tweet is significant as it comes at a time that when the recently announced ₹20 lakh crore stimulus package aimed at infusing life in the sagging Indian economy failed to live up to expectations of the common man.

It is also coming at a time when pressure is mounting on the RBI to extend bad loan recognition time to 180 days from the current 90 days and loan moratorium by at least one quarter.

Published on May 19, 2020

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