Corporates seek loans to pay salaries, PSU banks step up

indian BanksCorporates need money to keep the business running and credit lines by banks will help them tide over the crisis. There are several companies with whom we have long-term relationships and they need money to keep the business running.

Public sector banks have stepped up with emergency funds to aid companies, both small and large, to continue operations, especially pay salaries. State Bank of India (SBI) and Union Bank of India have sanctioned emergency credit lines while Bank of Baroda (BoB) and Bank of India are expected to approve something similar in the coming days.

SBI’s credit line is up to ₹200 crore, while that of Union Bank’s is up to ₹50 crores. BOB is looking to sanction an ad-hoc limit of ₹200 crores or up to 10% of borrowers’ fund-based working capital limit and Bank of India plans to allow a top-up of up to 20% of the working capital limit or a maximum of ₹200 crores.

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