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Economic Impact Of Coronavirus 3.2 Crore Account Holders Availed RBI’s Loan Moratorium, Says Finance Ministry

3.2 Crore Account Holders Availed RBI's Loan Moratorium, Says Finance Ministry

RBI had announced a 3-month loan moratorium in March

As many as 3.2 crore account holders in state-owned banks availed the moratorium on loans announced by the Reserve Bank of India (RBI), amid the economic distress caused due to the COVID-19 pandemic, the official Twitter handle of Finance Minister Nirmala Sitharaman’s office, said on Thursday.

In another tweet, the government said that during March and April, the public sector banks (PSBs) sanctioned loans worth Rs 5.66 lakh crore for more than 41.81 lakh accounts, adding that these borrowers belong to the micro, small and medium enterprise (MSME), retail, agriculture and corporate sectors.

The finance minister’s office also said that loans worth Rs 77,833 crore have been sanctioned to the non-banking finance corporations (NBFCs) and housing finance corporations (HFCs).

In March, the central bank had announced that all term loans, including retail and crop loans and working capital payments, will be covered by the three-month moratorium.

On Thursday, the country’s largest lender State Bank of India (SBI) decided to extend the moratorium to cash-strapped NBFC sector to help them tide over the cash flow crisis.

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