PSBs sanctioned loans worth Rs 5.66 lakh crore in March-April, economy poised to recover: FM Nirmala Sitharaman

he noted that these borrowers hail from a variety of sectors like micro, small and medium enterprises (MSMEs), retail, agriculture and corporate, waiting for disbursal soon after the lockdown is lifted.

Moneycontrol News

May 07, 2020 / 21:36 IST

Finance Minister Nirmala Sitharaman on May 7 said that public sector banks (PSBs) sanctioned loans worth Rs 5.66 lakh crore for more than 41.81 lakh accounts, during March-April 2020. She noted that these borrowers hail from a variety of sectors like micro, small and medium enterprises (MSMEs), retail, agriculture and corporate, waiting for disbursal soon after the lockdown is lifted.

The finance minister, who took to Twitter earlier today, said that the economy is poised to recover.

During March-April 2020, PSBs sanctioned loans worth Rs 5.66 lakh cr for more than 41.81 lakh accounts. These borrowers are from MSME, Retail, Agriculture & Corporate sectors, waiting for disbursal soon after #lockdown lifts. Economy poised to recover! @FinMinIndia @DFS_India
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— NSitharamanOffice (@nsitharamanoffc) May 7, 2020

Sitharaman said, "For MSMEs and others, pre-approved Emergency credit lines & working capital enhancements being prioritised by PSBs. More than 27 lakh customers contacted from March 20 and 2.37 lakh cases sanctioned loans worth Rs. 26,500 cr. A work in progress."

Adding that the PSBs complemented the Reserve Bank of India (RBI) on loan moratorium, FM Sitharman said that the government is ensuring responsible banking amid the COVID-19 pandemic-led lockdown.

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