1.75 million received Rs 76,012 crore loans during festival period

Banks say efforts now to expand credit to ensure economic revival is durable

Banks have collectively sanctioned loans of Rs 76,012 crore to 1.75 million borrowers during the festival period — from October 16 to November 7 — through the nationwide credit outreach programme.

These loans have been distributed in four-five categories, Finance Minister Nirmala Sitharaman said. The government had asked banks to organise an outreach programme to lift demand during the festive season.

Banks visited districts and worked with non-banking financial companies to extend loans and their efforts on the ground have helped in reviving the Indian economy, she said.

Sitharaman said the banking sector has turned around remarkably as its non-performing assets have started