Strong Customer Outreach by Public Sector Banks (PSBs) — ₹ 4.91 lakh crore disbursed in October and November 2019

Strong Customer Outreach by Public Sector Banks (PSBs) - ₹ 4.91 lakh crore disbursed in October and November 2019

Strong Customer Outreach by Public Sector Banks (PSBs) continues - ₹ 2.39 lakh crore disbursed in November

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, had announced in September the launch of Customer Outreach Initiative by Public Sector Banks (PSBs) to improve credit delivery and support the needs of the economy, with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers, without compromising prudential lending. Customer Outreach in October 2019 resulted in total credit disbursement of ₹ 2.52 lakh crore.

Total Customer Outreach progress in November: The strong outreach effort of PSBs has continued in November as well, with disbursement of ₹ 2.39 lakh crore to MSMEs, NBFCs, corporates, retail and agriculture sector borrowers. This has raised the total disbursement by PSBs to these sectors since the launch of the Customer Outreach in October to ₹ 4.91 lakh crore.

To boost the MSME sector, out of the total, PSBs have disbursed ₹ 35,775 crore in November, raising the total Customer Outreach credit disbursed to MSMEs to ₹ 72,985 crore.

For NBFCs, out of the total, PSBs have disbursed ₹ 25,525 crore in November, increasing sharply from ₹ 19,628 crore in October, raising the total Customer Outreach credit disbursed to NBFCs to ₹ 45,153 crore. Total support sanctioned by PSBs in the form of credit to (including co-origination and on-lending) and pool buyouts from NBFCs since the IL&FS default in September 2018 till November 2019 has risen to ₹ 4.23 lakh crore, including pool-buyouts of ₹ 1.24 lakh crore.

PSBS being adequately capitalised and record recovery underway, have sufficient liquidity to support credit growth.

PSB disbursement in Customer Outreach

              Amounts in crore ₹