Under this programme, banks are organizing special camps in different parts of the country to sanction loans to eligible borrowers as per prudential norms.
Most banks have announced festival offers at concessional interest rates and waiving processing charges.
“During the review of public sector banks in August, Mrs @nsitharaman had called upon banks to organize a credit outreach program in October to support the revival of economic growth. In line with this, banks will be district-wise and sector-wise. We are conducting loan outreach programmes,” a tweet from the Finance Minister’s office said.
Loans under credit outreach program are more than loans sanctioned and disbursed under various credit guarantee schemes of the central government.
According to data shared by Finance MinistryBusiness loans worth Rs 6,268 crore were sanctioned to about 1 lakh beneficiaries, while Vehicle Loans worth Rs 448 crore were sanctioned to 5,058 borrowers.
housing loan It said Rs 762 crore had been sanctioned to 3,401 borrowers till October 20, 2021.
Similar outreach programs were conducted by banks between October 2019 and March 2021 and catered to all types of credit needs of the RAM sector (retail, agriculture and MSME). The Finance Ministry said that Rs 4.94 lakh crore was disbursed under the outreach programme.
This credit outreach programme, through co-lending arrangements between banks and NBFCs and the fintech sector, will provide loans at affordable interest rates to small borrowers this festive season.