Over a dozen public sector banks have declared a COVID-19 Emergency Credit Line in a bid to deal with the hardship faced by several sectors of the economy.
This time public sectors banks (PSBs) were quicker than the private lenders to respond with steps to deal with the critical times faced by several sectors. Private sector banks namely ICICI Bank, HDFC Bank and Axis Bank are yet to announce any relief measures for their customers.
As many as 15 PSBs out of the total 18 government-owned banks till Thursday evening declared several schemes to deal with the hardship faced by various segments. Leading the row, the country’s largest lender SBI last week announced an emergency credit line for meeting any liquidity mismatch for its borrowers.
The additional liquidity facility COVID-19 Emergency Credit Line (CECL) will be offering funds up to Rs 200 crore and will be available till June 30, said a circular issued by SBI.
This development is followed by other PSBs namely Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India and Bank of India.
Besides, Indian Bank, Bank of Maharashtra, Syndicate Bank, Indian Overseas Bank, UCO Bank and Andhra Bank have unveiled relief schemes till date for matching liquidity requirements under COVID-19 emergency.
