PSBs sanctioned Rs 5.66 lakh cr loans during Mar-Apr: Minister

Finance Minister Nirmala Sitharaman said public sector banks (PSBs) sanctioned loans worth Rs 5.66 lakh crore to borrowers during March and April, and disbursement will start soon after the lockdown is lifted, leading to economic recovery.

In a series of tweets, the minister also said that as many as 3.2 crore borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank to help people tide over the problems created on account of disruption in business activities due to lockdown.

The central government had imposed a 21-day lockdown from March 25 to check the spread of coronavirus.

The lockdown has been extended twice, though with some relaxations.

"During March-April 2020, PSBs sanctioned loans worth Rs 5.66 lakh cr for more than 41.81 lakh accounts. These borrowers are from MSME, Retail, Agriculture & Corporate sectors, waiting for disbursal soon after #lockdown lifts. Economy poised to recover!," Nirmala said in a tweet.

She further said that state-owned banks implemented the moratorium announced by the RBI on repayment of loans. Desk: Asianet Online