Banks have disbursed loans worth nearly Rs 81,781 crore via the recently introduced ‘loan melas’ between October 1 and October 9, a senior Finance Ministry official said.
Finance Secretary Rajeev Kumar said, “Rs 81,781 crore was disbursed in the outreach programme. Of these, new loans accounted for Rs 34,342 crore.”
He added that state-run banks have assured the government that they have sufficient liquidity and loans can be availed based on prudential norms.
The next outreach programme will take place between October 21 and October 25.
Addressing mediapersons, following her meeting with state-run bankers on October 14, Finance Minister Nirmala Sitharaman said she reviewed the credit growth situation and discussed ways to boost the slowing economy.
In order to ensure liquidity for small businesses, Sitharaman said banks have been asked to provide bill discounting facility to the MSME sector against payments due from the large corporates.
According to returns filed by large corporates to the Ministry of Corporate Affairs (MCA), as much as Rs 40,000 crore is due to the MSME sector, she said, adding that all efforts would be made to ensure that MSMEs get their dues ahead of Diwali on October 27.
Sitharaman said MCA Secretary Injeti Srinivas will write to all corporates to expedite repayment of all outstanding dues to micro, small and medium enterprises (MSMEs). “As of now, big corporates owe around Rs 40,000 crore to MSMEs,” she stated.
A discussion on the Insolvency & Bankruptcy Code was a key part of the meeting, involving a quick feedback session with banks on the question of the efficacy of the IBC, Sitharaman said.
Adding to this, Srinivas said nearly 10,000 cases under the IBC have been settled and around 1,500 are still under the resolution process.
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