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 of the banks have announced festive offers at concessional interest rates and waived processing fee.
A tweet from the Finance Minister’s office said that since the launch of the government’s nationwide credit outreach program on October 16, 2021, 13.84 lakh loans totaling Rs 63,574 crore have been sanctioned through 10,580 camps conducted across the country till October 31. have been done.
“The loans under the credit outreach program are higher than the loans sanctioned and disbursed under various credit guarantee schemes of the central government,” it said.
According to data shared by Finance MinistryBusiness loans worth Rs 21,687.23 crore were sanctioned to around 3.2 lakh beneficiaries, while vehicle loans worth Rs 4,560,39 crore were sanctioned to 59,090 borrowers.
It said housing loans worth Rs 8,994.25 crore were sanctioned to 41,226 borrowers till October 30, 2021.
Under this initiative, more than 7 lakh farmers took agricultural loan of Rs 16,734.62 crore in the last fortnight.
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.