State-owned Bank of Maharashtra mentioned on Sunday that it had sanctioned loans worth Rs 2,789 crore to MSMEs, self-help teams, agricultural and retail debtors to assist them meet their liquidity mismatches triggered as a result of coronavirus disaster over the past three months.
The lender had launched numerous Covid-19 emergency credit score strains for its present clients in March.
“Now we have sanctioned loans amounting to Rs 2,789 crore below agriculture, SHGs, Retail, MSMEs with nearly one lakh beneficiaries between March 2020 and Might 2020,” the lender mentioned in an announcement.
The lender had used numerous channels akin to webinars, calls, SMSes and emails to boost consciousness about these credit score strains and to succeed in out to its debtors.
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The bank mentioned it’s now gearing as much as prolong the stimulus package deal introduced by Finance Minister Nirmala Sitharaman geared toward restarting enterprise actions.
Just lately, the federal government had introduced a Rs 20 trillion (almost 10 per cent of GDP) package deal to help the economic system headed for its first full-year contraction in additional than 4 many years.
Final week, Sitharaman had introduced a 100 per cent credit score scheme worth Rs three trillion to help the MSME sector, which has been adversely affected by disruptions brought on by coronavirus disaster.
All present MSME debtors with excellent credit score of as much as Rs 25 crore as on February 29, and with an annual turnover of as much as Rs 100 crore can be eligible for assured funding below the scheme.