Loans worth 35.7 bln USD disbursed to boost business sentiment in India

Source: Xinhua| 2019-11-22 19:07:14|Editor: Shi Yinglun
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NEW DELHI, Nov. 22 (Xinhua) -- State-run banks in India disbursed around 250,000 crore Indian rupees (35.7 billion U.S. dollars) as loans in October to boost the overall business sentiment, official sources in the Finance Ministry said on Friday.

In order to reach out to the business community, the government-run banks organized loan-camps in 374 districts of the country last month.

In the aftermath of economic slowdown at the beginning of the second term of Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman in September directed the government-run banks to show their willingness to lend loans while following the banking norms.

A Finance Ministry statement said that out of the total loans disbursed, around 100,000 crore rupees (14.3 billion U.S. dollars) were given as new term loans, while 46,800 crore rupees (6.7 billion U.S. dollars) were disbursed as new working capital loans.

Media reports quoted Finance Secretary Rajiv Kumar as saying that "This is a turnaround story. Banks are fully capitalised and are in a position to meet any kind of credit requirement."