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Good News: Starting today, banks to hold 'Credit Shamiana' to felicitate easy loans

In a bid to reach out to people across remote areas, the Public Sector Banks, including the State Bank of India will reach out to people by organising 'credit shamianas' for easy disbursal of loans. The move was a brainchild of finance minister Nirmala Sitharaman and is aimed to help farmers across the country.

Edited by: IANS New Delhi Updated on: October 03, 2019 12:59 IST
Good News: Starting today, banks to hold 'Credit Shamiana'

Good News: Starting today, banks to hold 'Credit Shamiana' to felicitate easy loans

In a bid to reach out to people across remote areas, the Public Sector Banks, including the State Bank of India will reach out to people by organising 'credit shamianas' for easy disbursal of loans. The move was a brainchild of finance minister Nirmala Sitharaman and is aimed to help farmers across the country. 

 The Centre has selected around 226 districts for the first phase of the proposed customer outreach programme of the public sector banks (PSB).

As per the list, in the first phase, State Bank of India, the largest PSB would hold the highest number of camps, with around 49 districts under its umbrella. Bank of Baroda would camp in around 26 districts across the country.

The camps would take place on different days across different districts from October 3 to October 7.

The development follows Finance Minister Nirmala Sitharaman's announcement in September whereby she had said that the PSBs will organise credit "shamiana meetings" in 400 districts beginning October 3 to provide loans to NBFCs and retail borrowers, including homebuyers and farmers.

The Finance Ministry announced to hold such programmes after meeting with PSB chiefs, on the backdrop of the low consumption and credit demand in the economy, leading to a slowdown.

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