Marine management

Bank of Maharashtra sanctions Rs 2,789 crore loan to MSMEs and others

The Public Sector Lender Bank of Maharashtra has approved loans worth Rs 2,789 crore to MSMEs, self-help groups, agricultural and private borrowers to help them deal with their liquidity shortages created by the coronavirus crisis over the past three months.

In March, the lender unveiled several COVID-19 emergency credit lines for its existing customers.

Bank of Maharashtra“We sanctioned loans of Rs 2,789 crore between March 2020 and May 2020 in the agriculture, SHGs, retail and MSME sectors with almost a lakh beneficiary,” the lender said in a statement.

Also, it used various channels such as webinars, calls, SMS and emails to raise awareness of these lines of credit and reach out to its borrowers.

The lender said it was now preparing to extend the stimulus package announced by Finance Minister Nirmala Sitharaman to resume operations.

Recently the center had Rs 20 lakh crore (nearly 10 per cent of GDP) package to support the economy headed for the first full-year contraction in more than four decades.

Last week the finance minister had announced a 100 per cent loan scheme worth Rs 3 lakh crore to support the MSME sector which has been severely hit by the disruptions caused by coronavirus crisis.

All present MSME Borrowers with outstanding loans of Rs 25 crore and above as of 29 February and annual turnover of up to Rs 100 crore would be eligible for guaranteed funding under the scheme.

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