Bank of Maharashtra sanctions loan worth Rs 2,789 crore to MSMEs, others

Public Sector Lender Bank of Maharashtra has sanctioned loans worth Rs 2,789 crore to MSME, self-help group, agricultural and retail borrowers in a bid to help them meet their liquidity scarcities created due to coronavirus crisis over the last three months.

In March, the lender had unveiled several COVID-19 emergency credit lines for its existing customers.

Bank of Maharashtra“We have sanctioned loans amounting to Rs 2,789 crore under agriculture, SHGs, Retail, MSMEs with almost one lakh beneficiaries between March 2020 and May 2020,” the lender said in a statement.

Besides, it utilized various channels such as webinars, calls, SMSes and emails for raising awareness about these credit lines and to reach out to its borrowers.

The lender said it is now getting ready to extend the stimulus package announced by Finance Minister Nirmala Sitharaman planned to restart business activities.

Recently, the centre had announced  Rs 20 lakh crore (nearly 10 per cent of GDP) package for supporting the economy headed for its first full-year contraction in more than four decades.

Last week, the Finance Minister had announced a 100 percent credit scheme worth Rs 3 lakh crore to support the MSME sector, which has been significantly affected by disruptions caused by coronavirus crisis.

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

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for Elets BFSI Nextgen Virtual Summit and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.