New Delhi: The finance ministry claimed public sector banks disbursed loans worth Rs 2.53 trillion, including Rs 1.52 trillion of new loans, in October during the 'outreach programmes' conducted in two phases last month.
However, the finance ministry's data on loan disbursals by public sector banks varies massively from the bank credit data released by the Reserve Bank of India.
The loan outreach programmes were announced in September by Finance Minister Nirmala Sitharaman to ensure adequate credit flow ahead of the busy festival season. The first programme was held in the first nine days of October, while the second was held from October 21 to October 25.
The ministry said the data on public sector banks' total disbursals include those made outside the camp and during the entire month.
But, as per latest data from the RBI, total credit given by scheduled commercial banks was up only 806.63 bln rupees between September 27 and November 8.
The large difference in the numbers released by the finance ministry and the RBI is particularly noteworthy since the central bank's data includes private and foreign banks in addition to public sector banks.
And, while Sitharaman had invited private banks to participate in the outreach programmes, the data provided is for public sector ones.
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