The Union finance ministry on Tuesday said that public sector banks (PSBs) sanctioned ₹5.95 trillion in loans to small businesses, retail, agriculture and corporate sectors between 1 March and 8 May. “PSBs sanctioned loans worth ₹5.95 trillion for more than 467,400 accounts from the MSME (micro, small and medium enterprises), retail, agriculture and corporate sectors between March 1 and May 8, 2020.
Total financing worth ₹1.18 trillion was provided to NBFCs (non-banking financial companies)," the office of finance minister Nirmala Sitharaman said in a tweet.
The finance ministry had earlier said that the amount of sanctioned loans during the lockdown indicates that the economy is poised for a recovery.