Finance Minister Nirmala Sitharaman on Tuesday said the public sector banks (PSB) sanctioned Rs 6.45 lakh crore in two and a half months, between March 1 and May 15, to over 54.96 lakh accounts.
This is a notable increase compared to the Rs 5.95 lakh crore sanctioned as of May 8 with last Rs 50,000 crore being sanctioned in just the preceding week.
The Finance Minister had earlier said that higher bank sanctions is indicative that the Indian economy is poised to recover from the recent crisis brought upon it by the coronavirus pandemic.
In a tweet, the office of Sitharaman said that the borrowers for the sanctioned loans include MSMEs, retailers, farmers and corporate sectors.
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