PSBs disbursed Rs 4.91 lakh crore under the Customer Outreach Initiative in October and November 2019
In September 2019, the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, announced the launched the Customer Outreach Initiative by the Public Sector Banks (PSBs) of India.
The initiative aimed towards providing support to the needs of the economy by improving credit delivery or the credit outflow with a primary focus on NBFCs, MSMEs, retail and agricultural sector borrowers, corporates by without compromising the prudential lending.
According to a report published by the Ministry of Finance:
Customer outreach in October 2019, under the initiative, resulted in Rs 2.52 lakh crore of total credit disbursement.
In November 2019, the outreach continued with a total disbursement of Rs 2.39 lakh crore.
Since the launch of the initiative, October and November has raised the total disbursement by the PSB’s to Rs 4.91 lakh crore.
Month wise detailed report:
In October, out of the total disbursement of Rs 2,52,589 lakh crore, MSME loans were 37,210, loan to corporate was 1,22,785, loan to NBFCs of 17,163, Agricultural loans of 40,504, vehicle loan 7085, Education loan of 425, a home loan of 12,166 and other loans of 15250 were disbursed.
In November, out of the total disbursement of Rs 2,39,245, MSME loans were 35,775, loan to corporate was 97,366, loan to NBFCs of 25,005, agricultural loan of 37,870, vehicle loan of 4003, Education loan of 686, a home loan of 15,088 and other loans of 23,454 were disbursed.
Category: India Nation & States Current Affairs
Topics: agricultural loans • Corporates • customer outreach initiative • education loan • Home loan • Minister of finance and corporate affairs • Ministry of Finance • MSME • NBFC • Nirmala Sitharaman • Public Sector Banks