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 director C S Shetty on Friday addressed MSME customers and employees across the state video conference.
SME products were highlighted to the purchasers to extend awareness and enable them to settle on the proper product for his or her business, SBI said during a statement.
At the national level, the bank has sanctioned loans to over 4 lakh customers under guaranteed emergency credit line (GECL) facility thus 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 are going to be applicable to all or any loans sanctioned under GECL facility during the amount from the date of announcement of the decide 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 supply an incentive to member lending institutions to extend access and enable availability of additional funding facility to MSME borrowers, in sight of the economic distress caused by the COVID-19 crisis, by giving them 100 per cent guarantee for any losses suffered by them thanks to non-repayment of the GECL funding by borrowers.
The statement further said Chief head , Delhi Circle, Vijuy Ronjan committed unhindered support to MSMEs by SBI in times to return . SBI deputy director and Chief Operating Officer Saloni Narayan also participated within the video conference.