The loan mela was conducted by various public sector banks during 1-9 October across 250 districts to meet demand during the festival period. According to RBI data, non-food credit growth during the fortnight ending 27 September slowed to 8.7% year-on-year (y-o-y). Data for the period covering the loan mela is not available yet. Typically, a loan mela starts around 9am, in which outdoor stalls are set up by various banks in various locations and are sometimes kept open even till midnight, depending on customer footfalls. The second phase of the loan mela starts on 21 October.

Source: Mint October 20, 2019 18:00 UTC