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16/06/2020 04:28pm

SBI disburses loans to MSMEs worth Rs 8,700 cr under ECLGS

image SBI disburses loans to MSMEs worth Rs 8,700 cr under ECLGS

New Delhi, Jun 16 (KNN) State Bank of India (SBI) on Tuesday disbursed Rs 8,700 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector.

''The bank has sanctioned GECL aggregating Rs 15,000 crore to 1.5 lakh MSME customers. SBI so far has disbursed loans worth Rs 8,700 crore," SBI said in a statement.

Additional supportive measures such as COVID Emergency Credit Line, re-assessment of working capital limits, and restructuring of advances are also being made available to MSME customers, it said.

"MSMEs formed a very crucial part of the announcements made under the 'Atmanirbhar Bharat Abhiyan' by the Government of India wherein MSMEs were defined. To empower them in the wake of the COVID-19 crisis, SBI organized more than 125 E-Town Hall Meetings from May to date," it added.

As per directives of the Department of Financial Services, it said, SBI conducted Circle level meetings to reach out to MSME customers and explain the various relief and financial support measures provided to them to fight the COVID-19 outbreak.

“MSME being the priority sector of Indian economy, it was important to hold these meetings to understand the concerns and handhold our customers amid lockdown and provide them with much needed financial aid,'' said Mr. C S Setty, MD (Retail & Digital Banking), SBI.

''We are glad that our E-Town Hall meetings were attended and appreciated by our numerous MSME customers. We along with the help of our employees are continuously focusing on supporting MSMEs in these unprecedented times,” he added.

ECLGS is the biggest fiscal component of the mega Rs 20-lakh crore package announced last month.

The main objective of the scheme is to provide an incentive to member lending institutions to increase access and enable availability of additional funding facilities to MSME borrowers, in view of the economic distress caused by the COVID-19 crisis.

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