MSMEs Loans Under Emergency Credit Line Guarantee Scheme: PNB sanctioned Rs 8690 Crore

MSMEs Loans Under Emergency Credit Line Guarantee Scheme: The Punjab National Bank (PNB) has sanctioned Micro Small and Medium Enterprise (MSME) loans worth Rs 8,690 to the small businesses to help them come out of the COvID-19 pandemic heat. The public sector bank MD and CEO CH. SS Mallikarjuna Rao informed about the same while addressing a live webinar with CII.

Speaking on issues related to MSME customers across the country and to address their challenges in the face of COVID-19 pandemic Rao said that that Punjab National Bank has sanctioned Rs 8690 Crores in 404675 accounts to MSME Sector under the Emergency Credit Line Guarantee Scheme (ECLGS) out of these accounts Rs.2595 Crores has already been disbursed in 79029 accounts so far.

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Agyey Kumar Azad, Executive Director at PNB said, “The pandemic has posed fresh challenges for the country’s economy, causing severe disruptive impact on both demand and supply side elements. This has potential to derail the growth of the economy in the current and coming fiscal years. With the proactive approach of the Govt of India, RBI and bank we hope that the outreach program will help our customers to understand the customised new product facilities, benefits and special schemes offered by the bank to cope up with the crisis”.

The PNB officials said that through the online platform of Trade Receivables Discounting System (TReDS), MSMEs can avail timely credits against their bills, which helps in managing their cash flows efficiently. In addition, the bank has communicated with a large number of MSME Associations, across the country seeking co-operation to educate the MSMEs under their ambit about the special schemes launched by the bank.