NEW DELHI, November 22 — State-run banks in India distributed some 250,000 crore Indian rupees as loans in October to raise the overall business confidence, official sources in the Ministry of Finance stated on Friday.
The previous month, the government-run banks held loan camps in 374 divisions of the state to reach out to the business sector.
Amid economic slowdown at the beginning of PM Modi's second term, Finance Minister Nirmala Sitharaman instructed the government-run banks in September to show their ability to lend by amid the banking standards.
A statement from the Ministry of Finance said about 100,000 crore rupees were provided as new term loans out of the total loans redistributed, while 46,800 crore rupees were distributed as current working capital loans.
Media reports cited Finance Secretary Rajiv Kumar as stating "This is a turnaround story. Banks are completely capitalized and able to meet the credit demand of any kind."
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