Bank of Baroda disburses Rs 2,300 cr financial support to MSMEs

New Delhi, May 4 (KNN) The Bank of Baroda (BoB) has given a Rs 2,300-crore financial support to Micro Small and Medium Enterprises (MSMEs) under 'emergency credit line' to help the sector amid COVID-19 pandemic.

According to reports, in the past one month, the bank has approved 64,000 applications and about Rs 2,300 crore have been disbursed to micro, small and medium enterprises (MSMEs) to help them meet liquidity requirement.

In March this year, State-run Bank of Baroda had set up an 'emergency credit line' to provide funds to its existing MSME and corporate borrowers impacted by the outbreak of coronavirus.

The bank had said that MSME borrowers will be given loan at an interest rate of the bank's repo linked lending rate of 8 per cent.