Coronavirus: India tries to revive economy by pushing banks to lend more

Lenders have been asked to focus particularly on 10 states in northeast and central India, regions where less credit has been made available than elsewhere

India is pushing state-run banks to approve new loans amounting to Rs 500-600 billion ($6.8-8.2 billion) by the end of March, according to two government sources, as authorities seek to shore up a stuttering economy as the coronavirus spreads.

Public-sector banks have received nearly 8 million new applications for loans, mainly from rural households and small businesses, and the government expects up to 6 million of them to be approved by the end of the month, said a senior finance ministry official with direct knowledge of the matter.

Policymakers are worried the coronavirus outbreak could curb economic growth for at least the