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Loan Melas in 400 districts
Why is it in the news?
- Finance Minister announced that all scheduled banks will hold large gatherings in a total of 400 districts.
- The customers can come to the gathering and take any type of loan they want from the banks and the NBFCs partnering with them.
More in the news
- The loan meals in 400 districts is aimed at boosting the lending.
- The government is looking to boost credit that will bring liquidity for businesses and create jobs.
- The banks had already entered into 14 tie-ups with NBFCs for co-originating loans, with another 36 such tie-ups in the pipeline.
- The programme is meant to encourage customers to avail of not just retail, agriculture, and MSME loans, but also loans for vehicles and housing, and Mudra loans.
- The Minister added that no MSME stressed loan would be classified as an NPA until March 31, 2020.
- Bank loan disbursements to the MSME sector stood at Rs 11.83 lakh crore in 2018-19, as against Rs 8.53 lakh crore done in 2017-18.
Source
The Hindu.