Lockdown 2.0: Coronavirus-hit units get Rs 10,000 crore from banks

Topics Coronavirus | MSME sector | Lockdown

A SBI executive said the bank is giving these emergency loans to those in need. It does not involve elaborate scrutiny. Photo: Shutterstock
Ahead of finalising the package for industries hit by Covid-19, the Union finance ministry reviewed support extended by large public sector banks (PSBs), including via the emergency credit line, to affected firms. State Bank of India (SBI) and Bank of Baroda (BoB) have together sanctioned close to Rs 10,000 crore as immediate credit assistance to the affected units.

 
PSB executives said this was a regular review with top officials of large banks, including SBI. There was also discussion on working capital re-assessment.

Banks have built internal capacities for assisting companies, including micro, small & medium enterprises (MSMEs).  Feedback from interactions is expected to act as an input for policies that are in works.

 
However, it is not clear when the package would be finalised, officials said. A SBI executive said the bank is giving these emergency loans to those in need. It does not involve elaborate scrutiny. Only thing is that borrowers have to establish the Covid impact.

 


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