New Delhi: Amidst the corona virus epidemic, public sector banks (PSBs) have sanctioned loans worth Rs 6.45 lakh crore to various sectors including Small and Medium Enterprises (MSME), agriculture and retail from March 1 to May 15. These banks had approved loans of Rs 5.95 lakh crore till May 8.

Union Finance Minister Nirmala Sitharaman said in a tweet that between March 1 and May 15, the PSB sanctioned loans of over Rs 6.45 lakh crore. Of these, 54.96 lakh accounts are from MSME, agriculture and retail sector. There has been a significant increase in lending, as on May 8, the figure was Rs 5.95 lakh crore. Sitharaman said that public sector banks approved more than Rs 1.03 lakh crore in the form of emergency loans and increase in working capital during March 20 to May 15.

Public sector banks began an emergency lending arrangement to fund their existing MSME and corporate borrowers in the last week of March, immediately after the lockdown was announced. Under this scheme, banks give 10 percent of the existing funds as additional loan based on working capital limit, the limit is maximum of Rs 200 crore.

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