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25/05/2020 10:18am

Bank of Maharashtra sanctions Rs 2,789 cr in three months to MSMEs

image Bank of Maharashtra sanctions Rs 2,789 cr in three months to MSMEs

Mumbai, May 25 (KNN) State-owned Bank of Maharashtra has sanctioned loans worth Rs 2,789 crore to Micro Small and Medium Enterprises (MSME), self-help group, agricultural and retail borrowers in last three months to help them quench their liquidity thirst amid COVID-19 crisis.

“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 on Sunday.

Various channels such as webinars, calls, SMSs and emails have been used by the state-owned bank to raise awareness about these credit lines and to reach out to its borrowers, Bank of Maharashtra said.

The bank further said it is now gearing up to extend the stimulus package announced by Finance Minister Nirmala Sitharaman aimed at restarting business activities.

Last week, the Union Finance Minister Nirmala Sitharaman had announced a 100 per cent credit scheme worth Rs 3 lakh crore to support the MSME sector. The 100 per cent guarantee scheme at the concessional rate of 9.25 per cent was the second-biggest component of the Rs 20 lakh crore comprehensive package.

Currently, the rate of interest on loans given by banks to MSMEs varies from 9.5% to 17%, depending on the risk perception.

All existing MSME borrowers with 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 funding under the scheme.

Meanwhile, on Friday, Sitharaman had asked Public Sector Undertakings (PSUs) to implement "AtmaNirbhar Bharat" relief package to revive the COVID-19-hit economy.

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