The credit outreach programme was an initiative of the ministry of finance under which banks were asked to reach out to every district of the country to endow loans to eligible borrowers as per prudential norms.
Finance Minister Nirmala Sitharaman's office tweeted on Tuesday that banks have sanctioned more than 13.84 lakh loans totalling Rs 63, 574 crore via 10,580 campuses held across the country until October 31. The government's nationwide credit outreach programme had commenced on October 16.
The credit outreach programme was an initiative of the ministry of finance under which banks were asked to reach out to every district of the country to endow loans to eligible borrowers as per prudential norms. Additionally, the finance minister had asked banks to provide sector-specific support.
As per the ministry, the loans under the credit outreach programme are over and above those sanctioned and disbursed under various loan guarantee schemes of the central government. It stated that 1.45 lakh personal and consumer durable loans totalling Rs 7,122.49 crore had been sanctioned until October 31 since the commencement of the credit outreach programme.
59,090 Vehicle loans totalling Rs 4,562.39 crore had been sanctioned in the same period. Additionally, housing loans worth Rs 8,994.25 crore to 41,226 borrowers, agricultural loans worth Rs 16,734.62 crore to more than 7.10 lakh borrowers and business loans worth Rs 21,687.23 crore to more than 3.25 lakh borrowers have been disbursed until October 31 under the credit outreach programme.