The customer outreach in October resulted in total credit disbursement of Rs 2.52 lakh crore, according to an official statement released on December 3.
Public sector banks (PSBs) disbursed Rs 2.39 lakh crore to micro, small and medium enterprises (MSMEs), non-banking finance companies (NBFCs), corporates, retail and agriculture sector borrowers in November, raising the total disbursement since the launch of their customer outreach in October to Rs 4.91 lakh crore.
The customer outreach in October resulted in total credit disbursement of Rs 2.52 lakh crore, according to an official statement released on Tuesday.
In September, Finance Minister Nirmala Sitharaman had announced a customer outreach initiative by PSBs to improve credit delivery and support the economy’s needs without compromising prudential lending.
PSBs disbursed Rs 35,775 crore to MSMEs in November, raising the total customer outreach credit to Rs 72,985 crore.
On the other hand, Rs 25,525 crore was disbursed to NBFCs in November, increasing sharply from Rs 19,628 crore in October and raising the total customer outreach credit disbursed to Rs 45,153 crore.
Total support sanctioned by PSBs in the form of the credit (including co-origination and on-lending) and pool buyouts from NBFCs since the IL&FS default in September 2018 till November 2019 has increased to Rs 4.23 lakh crore, including pool-buyouts of Rs 1.24 lakh crore.
PSBS, being adequately capitalised and record recovery underway, have sufficient liquidity to support credit growth, according to the statement.