Economy set to revive as PSBs sanction Rs 5 lac cr loans in Mar-Apr: Nirmala Sitharaman

Thu, May 07 2020 10:09:29 PM

New Delhi, May 7 (IANS): Finance Minister Nirmala Sitharaman on Thursday said that the Indian economy is poised to recover from the recent crisis brought upon by the coronavirus pandemic with the public sector banks (PSB) sanctioning loans worth Rs 5.6 lakh crore in just two months, March and April, to over 41 lakh accounts.

In a tweet, the office of Sitharaman said that the borrowers include MSMEs, retailers, farmers and corporate and the amounts would be disbursed once the lockdown is lifted.

"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! @FinMinIndia @DFS_India," the tweet said.

In a series of tweets, her office has outlined the development in terms of loans given by public sector banks and the loan moratorium allowed by the Reserve Bank of India (RBI).

Another tweet said that for MSMEs and others, pre-approved emergency credit lines and working capital enhancements are being prioritised by state-run banks. Noting that it is a work in progress, the minister said that more than 27 lakh customers contacted from March 20 and 2.37 lakh cases sanctioned loans worth Rs 26,500 crore.

Observing that the there has been smooth credit flow to non-banking finance companies (NBFC) and housing finance companies (HFC), Sitharaman's office tweeted: "PSBs sanctioned loans worth Rs. 77,383 cr b/w Mar 1-May 4. Inclusive of TLTRO funds, extended total financing of Rs. 1.08 lakhcrore, ensuring business stability & continuity going forward. @FinMinIndia @DFS_India @PIB_India."

The Finance Minister, who is also leading the task force for the economic response to the pandemic said that PSBs have complemented to the Reserve Bank of India's (RBI) moratorium on loan repayment.

Over 3.2 crore accounts have availed the three-month loan moratorium, said another tweet.

"PSBs complemented RBI on loan moratorium. Their effective communication & proactive actions ensured that over 3.2 cr. a/c availed 3-month moratorium. Quick query redressals allayed customer concerns. Ensuring responsible banking amid #lockdown @FinMinIndia @DFS_India."

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Comment on this article

Surinder Singh sandhu, Nabha gate,Patiala147001
Fri, May 08 2020
Respected sir/madam
Due to crona penedemic everybody is effected but SME sector is badly affected,I am a wooden furniture manufacturer and runs a saw mill ,my father is kidney a patient ,he is going through 8 Dylesis in a month,my father has paid lacs of rupees tax to govt in shape of I tax,Sales tax ,but now his treatment is carry-on from hard earned income,not any help from govt,during lockdown all installments, electricity bills, labour payments,rents are hanging on head like sword,how a SME can survive in this hard time,pls pay attention towards small enterpenur, manufacturer and shopkeeper,otherwise economy system will collapse within 2 months.
Sialkot furniture house
Nabha gate,Patiala,Punjab
9872149555

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Surinder Singh sandhu, Nabha gate,
Fri, May 08 2020
Respected sir/madam
Due to crona penedemic everybody is effected but SME sector is badly affected,I am a wooden furniture manufacturer and runs a saw mill ,my father is kidney a patient ,he is going through 8 Dylesis in a month,my father has paid lacs of rupees tax to govt in shape of I tax,Sales tax ,but now his treatment is carry-on from hard earned income,not any help from govt,during lockdown all installments, electricity bills, labour payments,rents are hanging on head like sword,how a SME can survive in this hard time,pls pay attention towards small enterpenur, manufacturer and shopkeeper,otherwise economy system will collapse within 2 months.
Sialkot furniture house
Nabha gate,Patiala,Punjab
9872149555

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Justin Lobo, Bangalore
Fri, May 08 2020
Chaiwala Modi, Nirmala Sitharaman, Yogi Adithyanath and Ravi Shankar Prasad are blaming congress for the collapse of India's Economy.
What were you doing after the take of India's economy from 2014?
Propaganda Advertisements,
Building Statues.
Foreign Tours.
Purchasing MLA's.
I urge the Government to Ban Liquor in India.
Indians doesn't needs booz money for its 5 trillion economy.

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Ravi, Mangalore
Fri, May 08 2020
Forget all the big numbers Seetharaman is talking about , just a look at her facial expressions scares me even further.I am surprised where all those numbers come from.............

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Willie Menda, Bangalore
Fri, May 08 2020
For the time being cover your face with a mask!

DisAgree Agree [11] Reply Report Abuse
Aaron Dsouza, Mangalore
Fri, May 08 2020
Worst finance Minister Ever

DisAgree Agree [17] Reply Report Abuse
Harish Hegde, Mangalore/Saudi Arabia
Fri, May 08 2020
She is a curse.

DisAgree Agree [10] Reply Report Abuse
Harish Hegde, Mangalore/Saudi Arabia
Fri, May 08 2020
Not a single person is commenting in favor of her

DisAgree Agree [6] Reply Report Abuse
Edward, mangalore
Fri, May 08 2020
yesterday's corona experts have become todays' economic experts.

Jai Hind.

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Santosh Kumar, Mangalore, India
Fri, May 08 2020
RELEASE OF BAHUBALI MOVIE:

1st., Day Show Collection 122 Crores.

RELEASE FROM LOCKDOWN:

1st., Day Alcohol Show Collection 300 Crores.

Government is encouraging People to work soberly to Lift India's economy to 5 Trillion.

😢JAI BEUDA DAARU PARTY.😢

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Santosh Kumar, Mangalore, India
Fri, May 08 2020
RELEASE OF BAHUBALI MOVIE:

1st., Day Show Collection 122 Crores.

RELEASE FROM LOCKDOWN:

1st., Day Alcohol Show Collection 300 Crores.

Government is encouraging People to work soberly to Lift India's economy to 5 Trillion.

😢JAI BEUDA DAARU PARTY.😢

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Narendra Kumar, Mangalore
Fri, May 08 2020
Here comes the Jocker again.... from 'Bharatiya Jockers Party'....5 Lac Crores Loans in March and April !!! Wah Modiji Wah....People were at homes for quarantine of Corona Pandemic and PSB's approved and disbursed loans on whose behest? Is it not "Phone Banking Loans"??? These morons from last 6 plus years sold India to their Gujarathi Crony Capitalist just for 'Electoral Bonds' in return for their 'Party Funds' and 'Election Expenses' !!! Our honourable judiciary is also become a ' Mute Spectator' because judges are appointed by FEKHU and DAAKHU.

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Ragavendra P., Kaladka/Mangaluru
Fri, May 08 2020
Due to lock down instead of telling 5 crores by mistake she must have said 5 lac crores. she must have missed out or added some zeroes!!!!!! Baychari avrath,

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Jossey Saldanha, Mumbai
Fri, May 08 2020
We hope they didn't give this money again to Nirav, Mehul & Mallya ...

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Prem Prasad, Bangalore
Fri, May 08 2020
I am remembering our Chaiwala Modi said, he will achieve 5 trillion economy.
Pranab Mukharji said, 5 trillion economy will not come down from heaven.
Trump will not gift 5 trillion economy nor the Pakistan will gift for cutting birthday cake of Nawaz Sherief.
When he was a Chief Minister of Gujarat, criticized Dr. Manmohan Singhji for increasing Petrol and Diesel prices. Crude oil prices in the international market was $140 per barrel.
Presently the Crude oil prices in the international market was $26 per barrel.
Chaiwala Modi Criticised Rupee value deterioration and said it will overtake the age of Dr. Manmohn Singh.
Presently the evident is that factually Chaiwala Modi is competing to the age of Dr. Manmohan Singh.
Nirmala Sithraman should learn economics to be in the Fininance Ministry or should quit on moral grounds saying unknowledgeable.

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David Pais, Mangalore
Fri, May 08 2020
any tom dicken harry can predict 1nce a lockdown is removed economy shall receive. becoz every production activity was stopped. my question 2 u is will it revive 2 be of da prior 2 da 2014 economy????????? bechaara youths r crying w/o jobs

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Rehan, Brahmaver
Fri, May 08 2020
Do hindu muslim debet. Vote criminals , unpud, murkh, useless leaders.
Jai hoooo.. Mera bhath mahan.

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Saldanha, Mangalore
Fri, May 08 2020
This lady seriously needs to go back to school to set right her understanding on economic fundamentals if she is not faking is speaking truth based on her stupid knowledge. Only miracle should save people and economy of our Country when such Idiots are in power. Sad part is such dumb have blind followers in majority and they insanely abuse all those who make sense without a second taught. Hope these don’t sell all the Public sector Government shares and holdings built up from decades by true reformers for their shot term goals to few financially rich and put our Country and its common people in grave trouble.
This is like one idiot in the family selling all that was accumulated by us and our forefathers as our wealth for generations just to resolve his/her financial mess. Only insane will applause such idiocies.

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Jossey Saldanha, Mumbai
Fri, May 08 2020
I'm a SME.
I'm a Honest Businessman.
I wonder why my application was Rejected ...

DisAgree [1] Agree [25] Reply Report Abuse
James, Bendur
Fri, May 08 2020
Her economics just to gain the confidence of andh bhakts who are educated illiterate.
Who said that 5.6 lakh crore loans sanctioned by the PSB's are going to be for fresh investment and job creation????? May be 60% of the loans is borrowed to pay the debts of the suppliers since there is no production and no revenue for the last two months. Also a huge number of loans will turn as bad loans since there is no demand in the market for the coming few months.
Indian economy will bounce back for sure but not the way what FM thinks.

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David Pais, Mangalore
Fri, May 08 2020
arrogant lady, utters all lies supporting a list. bhaktas taiyaammm....

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David Pais, Mangalore
Fri, May 08 2020
utters lie's, supporting a liar. bhaktoum taaliyaam....

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Krishna Dasa, Udupi,.
Fri, May 08 2020
Rs 5 lac cr bank Loan is not much money for large (population wise) country like India. India has a history of defaulting Bank loans and converting it to Foreign currency and moving the money overseas. Good Luck and congratulations to the recipients of the Loan from the Government Banks.

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Ashwin, Mangalore
Fri, May 08 2020
Don't even feel like reading what this lady is trying to explain. This government of jokers gone too far and only people who are suffering since this government of jokers came to power. Only the people who are happy are certain NRIs when the Dollar gets stronger they can sit in California, Seattle or Melbourne. and give lectures in this forum about how strong is Indian economy since 2014.

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Amar, mangalore
Fri, May 08 2020
Indian Economy will recover only once Arrogant Nirmala will resign FM post.
That post is too much for you , you are not capable. it is proven fact.
You should be given the post 'Minister with no portfolio' .

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prem, moodbidri
Fri, May 08 2020
How many tons economy you are targeting???

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Prakash, Mangalore
Fri, May 08 2020
Its tax payers money, Indian law is in favour of rich people. Poor people one who mostly impacted.

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GURKA, Mangaluru
Thu, May 07 2020
At last she is here ! EGO minister ! She is nothing but add the counting in PARLIAMENT just like SHOBA KARANGADALAGE !! She dont have any idea of economy just like she dont have any idea of ONION and GARLIC !! and you support her because she belongs to BJPeee ! Guys gone are the days to support to anybody blindly its your survival on this earth than anybody else on this earth !

We thought that EUROPEAN AND AMERICANS are wisest population on earth but its false !! The chinese exposed that myth by distributing freely : the CORONA VIRUS !! Even we thought that the ALMIGHTY HEAR our prayers instead he kept mum on us and showed that only respect the NATURE and nobody else !!

WOMEN EMPOWERMENT !! my foot !! only she shows EGO nothing else !!

DisAgree [2] Agree [21] Reply Report Abuse
Lawrence Lobo, Mangalore
Thu, May 07 2020
NEXT SLOGAN. KACHAR JALAO, AUR MACHAR BAGAO.

DisAgree [2] Agree [34] Reply Report Abuse
Roshan Pereira, Mangaluru
Thu, May 07 2020
Madam,

MSMEs are the backbone of our country. Economy will revive only when there is some relief to this sector. Pls come up with some robust package to ease economy

DisAgree [3] Agree [14] Reply Report Abuse
Shenoy, Mangalore
Thu, May 07 2020
Madam,
How to believe your government in new schemes ,when plenty of old schemes since 6 years are just in papers still without action .
1. What happened to the Vikas projects like Smart City ,Were the same was bluffed in press release with promise of sanctioning 1000 crore ? Can your team show a single smart city work in progress till date .
2. Were Are the Hitech machinery’s and safety equipment s that has been ordered for the military ,I still see our army men fighting terrorists with same equipment s provided by the previous govt ...Is this your true patriotism or corruption in the name of army
3.Were are the free educational institutions for the poor ,Are they just for the publicity by blind bhakts in what’s app and other social media.

Plenty that we can list the schemes ,Most of them not implemented or either very poor progress just for the name sake

The only achievement s that has been done Successful without announcement to the public are MLA Purchasing in different states and toppling the state Govts.

It’s a time of crisis and the globe will entirely go for a change in all sectors ..Its like a new beginning of life for many when this pandemic ends.
So let’s be realistic and let’s stop this JUMBLEBAZI days for gods sake .

DisAgree [3] Agree [27] Reply Report Abuse
smr, Karkala
Thu, May 07 2020
Since Modi came to power banks wrote off Rs 6,60,000 crore worth bad loans. In 2013-14, the bad loans were equal to Rs 205 thousand crore, which increased to a whopping Rs 1,173 thousand crore in 2018-2019.

The data by Central Bank also shows that Rs 237,000 crores were written off from the financial books of the banks in financial year 2018-19 alone.

Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query.

To a query under the Right to Information (RTI) Act, the Reserve Bank of India (RBI) informed that 26 PSBs of the country either closed or merged 90 branches during FY 2014-15, 126 branches in 2015-16, 253 branches in 2016-17, 2,083 branches in 2017-18 and 875 branches during 2018-19.

India’s messy banking system has long been a source of friction between Prime Minister Narendra Modi’s government and the central bank. But even the collapse of the nation’s fourth-largest lender isn’t spurring any urgency to clean things up.

The 72.5 billion rupee ($980 million) rescue of Yes Bank Ltd. -- the nation’s biggest-ever banking failure -- has refocused attention on the Reserve Bank of India’s regulatory autonomy.

Now Rs 5 lac crore loans to PSB against wrote off Rs 6,60,000 crore worth bad loans seems be new normal of banking fraud by the willful defaulter who circumvent the same money as investment to India for safe tax free heavens where Interpol has no legal reach.

Who will trust the India banking system under BJP's ruling when over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years?

Jai Hind

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Jemma, Mangaluru
Fri, May 08 2020
Bava SMR Karla,
Thanks for the wake up call. My brother in law has a travel/tour business in Cyprus.
He Wanted to return to India, birth place and bring his capital savings to invest in India and link up India tourism to Mediterranean belt.
He changed his mind and looking at Mauritius.
Good Info.

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Sunil K, Mangalore
Thu, May 07 2020
The real news is that that these loans are being forced onto existing clients - ie. they have been sanctioned without being requested by the client. The question is whether companies want to over-burden themselves with additional debt especially when their revenue stream is uncertain. Ultimately most of these loans may never get disbursed, so only adds on as a glamour stats for our Finance Minister to quote at press briefings.

PS. The economy needs a demand driven boost through increased consumption, leading to a domino effect. This can only be achieved by drastically reducing the price of petrol and diesel, leading to more production from factories eventually lowering prices of goods and increased overall spending and higher GDP. At the moment, the government is randomly pressing all the buttons hoping something will click but no clear strategy for the future.

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Jemma, Mangaluru
Fri, May 08 2020
Sunil , On the same note. No One asked for a Indu Rashtra. But was presented with
Sentimental dressing and honey topping. Got some takers too, with out asking "what is in it for me "?
Now this new Dombrata.
Days are not far off when , Gulf Employees will pay tax on all remittances at source.
And also pay tax in India if you hold Indian Passport. NRI gone with wind.
Bahut Acche Din , Barpundu somy.

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Deshbhakht, Mangalore
Thu, May 07 2020
"the borrowers include MSMEs, retailers, farmers and corporate"

Out of this, Farmers will apply for 'Manna' or threaten suicide
Corporates will file bankruptcy

Kiska baap ka jaata hai ? Saala tax payer to tax bhar bhar ker marega !

DisAgree [5] Agree [68] Reply Report Abuse

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Economy set to revive as PSBs sanction Rs 5 lac cr loans in Mar-Apr: Nirmala Sitharaman

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Comment on this article

Surinder Singh sandhu, Nabha gate,Patiala147001

Surinder Singh sandhu, Nabha gate,

Justin Lobo, Bangalore

Ravi, Mangalore

Willie Menda, Bangalore

Aaron Dsouza, Mangalore

Harish Hegde, Mangalore/Saudi Arabia

Harish Hegde, Mangalore/Saudi Arabia

Edward, mangalore

Santosh Kumar, Mangalore, India

Santosh Kumar, Mangalore, India

Narendra Kumar, Mangalore

Ragavendra P., Kaladka/Mangaluru

Jossey Saldanha, Mumbai

Prem Prasad, Bangalore

David Pais, Mangalore

Rehan, Brahmaver

Saldanha, Mangalore

Jossey Saldanha, Mumbai

James, Bendur

David Pais, Mangalore

David Pais, Mangalore

Krishna Dasa, Udupi,.

Ashwin, Mangalore

Amar, mangalore

prem, moodbidri

Prakash, Mangalore

GURKA, Mangaluru

Lawrence Lobo, Mangalore

Roshan Pereira, Mangaluru

Shenoy, Mangalore

smr, Karkala

Jemma, Mangaluru

Sunil K, Mangalore

Jemma, Mangaluru

Deshbhakht, Mangalore

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Title: Economy set to revive as PSBs sanction Rs 5 lac cr loans in Mar-Apr: Nirmala Sitharaman

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