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Bank of India approves Rs 223 crore in loans at Lucknow event

Bank of India approves Rs 223 crore in loans at Lucknow event

LUCKNOW – At a credit outreach event in Lucknow today, the Bank of India announced the approval of loans amounting to Rs 223 crore aimed at supporting the MSME and agriculture sectors. Finance Minister Bhagwat K Karad, who led the event, distributed sanction letters for Rs 167 crore to a selection of beneficiaries.

During the event, Minister Karad highlighted the significant strides made in financial inclusion, particularly through initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY) and others, which have had a substantial impact on previously unbanked populations. He stressed the importance of financial inclusivity orchestrated by banks under the guidance of the State Level Bankers Committee.

Karad also urged banks to promote digital payments through UPI Lite and increase awareness about digital transactions, especially among remote populations, to further integrate them into the economy. In addition to these efforts, he emphasized the need to support traditional artisans through the PM Vishwakarma Yojana initiative, which is part of a broader push for economic integration.

The credit outreach in Lucknow saw 163 customers approved for loans from the Bank of India, with 36 beneficiaries receiving their sanction letters at the event. This financial boost is expected to empower small businesses and farmers, contributing to the economic growth and development of these vital sectors.

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