Union Minister of State for Finance, Namo Narain Meena, told the Lok Sabha last week that banks are providing loans to renewable energy projects in the country. Reserve Bank of India (RBI) has informed that they maintain data on the power sector as a whole which includes renewable energy projects. Banks’ outstanding credit exposure to power sector at the end of March 2012 was Rs 3,289 billion, the Minister said.
Banks’ outstanding credit exposure to power sector as on March 2009, 2010 and 2011 was Rs 1,244 billion, Rs 1,878 billion and Rs 2,692 billion respectively. To promote clean energy, banks have been advised by the government to play a pro-active role in financing renewable energy projects and not to reject any proposal for financing otherwise viable renewable energy project on the ground that power sector as a whole is under stress.
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