Bank of Maharashtra sanctions Rs 2,789 crore loan over 3 months to MSMEs, others

Mumbai: State-owned Bank of Maharashtra on Sunday said it has sanctioned loan worth Rs 2,799 crore to MSME, self-help group, agriculture and retail borrowers to help them cope with their liquidity discrepancies caused by the coronavirus crisis over the last three months. The lender had launched various COVID-19 emergency credit lines for its existing customers in March.

“We have sanctioned loans of Rs 2,799 crore under Agriculture, SHGs, Retail, MSMEs with almost a lakh beneficiary between March 2020 and May 2020, ”the lender said in a statement.

It had used various channels such as webinars, calls, text messages and emails to raise awareness of these lines of credit and to reach its borrowers.

The bank said it is now ready to expand stimulus package announced by Finance Minister Nirmala Sitharaman aims to restart business operations.

Recently, the government had announced a Rs 20 lakh crore (nearly 10 per cent of GDP) to support the economy heading towards its first full-year contract in more than four decades.

Last week, Sitharaman had announced a 100 per cent credit scheme worth Rs 3 lakh crore in support of the MSME sector, which has been adversely affected by disruptions caused by the coronavirus crisis.

All existing MSME borrowers with an outstanding credit of up to Rs 25 crore as on February 29 and with an annual turnover of up to Rs 100 crore would be eligible for guaranteed financing under the scheme.

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