India's economy is poised to recover as state-run banks have sanctioned loans worth Rs 5.66 lakh crore over last two months to about 4.2 million account holders belonging to micro, small and medium enterprises (MSMEs), retail, agriculture and corporate sectors, Union finance minister Nirmala Sitharaman's office said on Thursday.
The banks will disburse the money after the Covid-19 lockdown is lifted. The minister also said that as many as 3.2 crore borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank to help consumers tide over the problems created on account of disruption in business activities due to lockdown.
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