Banks in Telangana sanctioned Rs 2,513 cr to MSMEs under Emergency Credit Line
Hyderabad, July 7 (KNN) Banks in Telangana have sanctioned Rs 2,513 crore of which it has disbursed Rs 1,688 crore to Micro, Small and Medium Enterprises (MSME) beneficiaries under the guaranteed emergency credit line of 20 per cent as on June 30, 2020.
Apart from credit support to MSMEs in the state, the State Level Bankers’ Committee (SLBC) on Monday said that Rs 231 crore has been disbursed to farmers as 10 per cent emergency credit line to help them battle Covid-19 woes.
The banks in the state have also launched PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi, a microfinance scheme for street vendors) on July 1.
The disbursals under agricultural sector are projected at Rs 75,142 crore (Rs 68,597 crore projections for FY20) and MSME disbursals are projected at Rs 35,197 crore (Rs 31,355.25 crore projected for FY20) for 2020-21.
''Total deposits grew by Rs 30,168 crore during the year to Rs 4.84 lakh crore as on March 31, 2020. The total advances of banks grew by Rs 36,544 crore during the year to Rs 5.70 lakh crore as on March 31, 2020,'' an official statement quoted SLBC president Om Prakash Mishra as saying.
''The total advances of banks grew by Rs 36,544 crore during the year to Rs 5.70 lakh crore as on March 31, 2020. On the financial inclusion front, banks have covered all the 255 unbanked rural centers with populations above 5,000 with banking outlets. All the villages within 5 km radius have been covered with banking infrastructure —except nine village—due to connectivity problems,” the statement added.
The government, as part of the Atmanirbhar Bharat Abhiyan, had announced Rs 3 lakh crore collateral free automatic loans for businesses including MSMEs, Rs 20,000 crore subordinate debt for MSMEs and Rs 50,000 crore equity infusion through MSME Fund of Funds, among others.