Which of the following phrases (1),(2),(3),(4) given below in the statement should replace the phrase printed in the bold in the sentence make it grammatically correct as it is given and if 'No correction is required', mark (5) as the answer.

Even as public sector banks led sanctions and disbursal initially, the latest data showed that private sector banks and non-banking financial companies (NBFCs) have stepped up credit disbursal on a par with state-owned peers.