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PSBs sanctioned Rs 3,200 cr loans to MSMEs in a single day: Sitharaman
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SME Times News Bureau | 01 Jun, 2020
Finance Minister Nirmala Sitharaman on Monday said that public sector
banks (PSBs) sanctioned collateral free loans worth Rs 3,200 crore to
the MSME sector in a single day on June 1.
The loans were
sanctioned under the Emergency Credit Line Guarantee Scheme that
provides emergency credit lines and working capital to businesses,
ensuring that the current coronavirus outbreak does not result in
liquidity crisis for businesses.
"On a single day 1 June '20,
#PSBs have sanctioned collateral-free loans worth Rs 3,200 crore through
the Emergency Credit Line Guarantee Scheme," said a tweet from the
office of Sitharaman.
The collateral free loan scheme is part
over Rs 20 lakh crore economic package announced by the government to
bring the economy back on track from the disruptions caused by Covid-19
pandemic.
"MSME in more than 3,000 Tier-II towns were covered in
one day - today - under the collateral-free loans that will enable them
to pay salaries, rent, and restocking expenses," another tweet said.
The
government is ensuring that present coronavirus pandemic is prevented
from making a serious dent on the Indian economy. It wants that
investments should not be stopped and banks should ensure that all
eligible borrowers get sufficient funds.
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