SBI sanctions loans to over 4 lakh MSMEs under credit guarantee scheme
State Bank of India (SBI) has sanctioned loans to over 4 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for MSME sector.
State Bank of India (SBI) has sanctioned loans to over 4 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, hit hard by the coronavirus-induced lockdown.
On the occasion of International MSME Day, SBI managing director C S Shetty on Friday addressed MSME customers and employees across the nation video conference.
SME products were highlighted to the customers to increase awareness and enable them to choose the right product for their business, SBI said in a statement.
See Zee Business Live TV streaming below:
At the national level, the bank has sanctioned loans to over 4 lakh customers under guaranteed emergency credit line (GECL) facility so far, a senior bank official said.
About Rs 20,000 crore has been sanctioned to eligible MSME customers under the scheme which was launched on June 1.
The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the plan to October 31 or till an amount of Rs 3 lakh crore is sanctioned under the scheme, whichever is earlier.
The main objective of the scheme is to provide an incentive to member lending institutions to increase access and enable availability of additional funding facility to MSME borrowers, in view of the economic distress caused by the COVID-19 crisis, by giving them 100 per cent guarantee for any losses suffered by them due to non-repayment of the GECL funding by borrowers.
The statement further said Chief General Manager, Delhi Circle, Vijuy Ronjan committed unhindered support to MSMEs by SBI in times to come. SBI deputy managing director and Chief Operating Officer Saloni Narayan also participated in the video conference.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
05:01 PM IST