Banks to grant loans worth 11,168 crore: FM
Most banks announced festival offers at preferential interest rates and waived processing fees, says Nirmala Sitharaman
The banks have sanctioned loans of 11,168 crore to around 2 lakh borrowers as part of the credit awareness program, FM Nirmala Sitharaman said.
In this context, the banks have organized special camps to sanction loans to eligible borrowers.
Most banks announced festival offers at preferential interest rates and waived processing fees.
âDuring his review of PSBs in August, Smt @nsitharaman urged banks to conduct a credit awareness program in October to support the resumption of economic growth. In accordance with this, banks have organized loan awareness programs by district and sector, âa tweet from the FM office said.
The loans under the credit awareness program are in addition to those sanctioned and disbursed under the various central government loan guarantee programs, he added.
According to data shared by the Ministry of Finance, up to 6,268 crore of commercial loans were sanctioned to around 1 lakh of beneficiaries, while auto loans worth 448 crore were sanctioned for 5,058 borrowers.
Home loans worth 762 crore have been sanctioned to 3,401 borrowers as of October 20, 2021, he said.
Similar awareness programs were held between October 2019 and March 2021 by banks and addressed all kinds of credit requirements from the RAM sector (retail, agriculture and MSMEs). The finance ministry said 4.94 lakh crore was distributed as part of the awareness program.
This credit awareness program, through co-loan agreements between banks and NBFCs and the FinTech industry, will provide loans at affordable interest rates to small borrowers this holiday season, he said. he declares.