More Than A Dozen PSBs Announce COVID-19 Emergency Credit Line

credit line9th April 2020: The public sectors banks (PSBs) were quick to respond with steps to deal with the hardship faced by various sectors of the economy, private sector banks such as ICICI Bank, HDFC Bank, and Axis Bank are yet to come out with any relief measures for their customers. More than a dozen public sector banks out have announced the COVID-19 Emergency Credit Line to deal with the hardship faced by various sectors of the economy.

Out of 18 government-owned banks, 15 PSBs announced schemes to mitigate the hardship faced by various segments. The country’s largest lender SBI last week announced an emergency credit line to meet any liquidity mismatch for its borrowers. The additional liquidity facility COVID-19 Emergency Credit Line (CECL) will provide funds up to Rs 200 crore and will be available till June 30.

Besides, the Indian Bank, Bank of Maharashtra, Syndicate Bank, Indian Overseas Bank, UCO Bank, and Andhra Bank have also introduced relief schemes till date for meeting liquidity requirements under the COVID-19 emergency. Following the suit, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India.

The micro, small and medium enterprises that are into the manufacturing of any products or providing any services related to a fighting pandemic such as sanitizers, masks, gloves, and bodysuit ventilators will get the loan at a concessional rate of 5 percent, SDBI said in a statement.

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