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PSBs disburse Rs 2.4 lakh crore credit in November

A government release said the programme announced in September was meant to improve credit delivery “with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers, without compromising prudential lending”.

ET Bureau|
Updated: Dec 03, 2019, 11.46 PM IST
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The PSBs had disbursed Rs 19,268 crore to NBFCs in the previous month. The total credit disbursed to NBFCs was Rs 45,153 crore in the two months, according to the release.
New Delhi:Public sector banks disbursed Rs 2.39 lakh crore in loans last month as part of an outreach programme aimed at boosting credit availability in the economy, the government said on Tuesday.

The November figures brought the total disbursements in the two months since finance minister Nirmala Sitharaman announced the loan outreach programme to Rs 4.91 lakh crore.

A government release said the programme announced in September was meant to improve credit delivery “with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers, without compromising prudential lending”.

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The programme was part of a slew of announcements made by the finance minister to boost the flagging economic growth which had slowed to 5% in the first quarter of the fiscal and has since fallen further to 4.5% in the September quarter.

Loans to corporates accounted for Rs 97,366 crore or 40.7% of the total disbursements by state-run banks in November. Non-banking financial companies (NBFCs) borrowed Rs 25,525 crore or 10.67% of the November credit pie. The PSBs had disbursed Rs 19,268 crore to NBFCs in the previous month. The total credit disbursed to NBFCs was Rs 45,153 crore in the two months, according to the release.

The PSBs have lent Rs 4.23 lakh crore to NBFCs, including pooled assets buyouts of Rs 1.24 lakh crore, since defaults by Infrastructure Leasing and Financial Services (IL&FS) triggered a liquidity crunch in September 2018, the statement said.

Agriculture loans accounted for Rs 37,870 crore in November, while loans to MSMEs were recorded at Rs 35,775 crore. The total credit disbursed to the farm sector stood at Rs 78,374 crore, while that to MSMEs was Rs 72,985 crore.
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