Banks sanction over Rs 79,000-crore loans to 1.9 mn MSMEs, says govt

The top lenders under the scheme are SBI, HDFC Bank, Bank of Baroda, PNB and Canara Bank

Banks have sanctioned loans of over Rs 79,000 crore till June 20 to 1.9 million MSMEs and other businesses, of which Rs 35,000 crore has already been disbursed, the Finance Ministry said on Tuesday.

As part of the Aatma Nirbhar Bharat (Self-reliant India) package, the government had last month announced its plan for Rs 3 trillion as additional credit to MSMEs and small businesses. Such enterprises were eligible to receive up to 20 per cent of their existing borrowing as additional loans at interest rates which were capped.

The interventions by Government for MSMEs, have been gaining rapid traction. Under