41.81 lakh accounts were sanctioned loans worth Rs. 5.66 lakh crore by the Public Sector banks (PSBs) of India during the March- April period. The borrowers consisting of retail, agriculture, corporate sectors, micro, small and medium enterprises (MSMEs) were granted credit that would be disbursed only after lockdown ends. This was done as an act of economic revival for the financial sectors.
An amount of Rs. 26,500 crore has already been sanctioned to the MSMEs by the public sector banks as a measure to enhance the working capital requirement of the sector.
In the period from March 1 to May 4, loans worth Rs. 77,383 crore were also granted to the NBFCs and Housing Finance Companies (HFCs). As part of the Targeted Long Term Repo Operations (TLTRO) window of the Reserve Bank of India, PSBs provided a total of Rs. 1.08 lakh crore to support financial support. So far, 3.2 crore PSB accounts have gained from the three-month moratorium declared earlier this month.
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