Bank of Maharashtra, a State-owned bank, has already sanctioned loans worth Rs. 2779 crores to micro, small and medium enterprises (MSMEs), and has already disbursed a loan amount of Rs. 2327 crores. This was done according to various schemes to tide the liquidity crisis and avoid instability in the market, as well as to help the owners of MSMEs face the economic distress caused by the virus.
Bank of Maharashtra: Emergency Loans
These loans were extended through various schemes launched by the Finance Ministry such as the ECLGS (The Emergency Credit Line Guarantee Scheme), which was introduced as a part of the 20 lakh crore scheme for the MSMEs, aimed at restarting new businesses, and this ensured 100% coverage of additional capital loans and additional term loans. The bank has already sanctioned Rs. 1.7 crores under this scheme to around 85000 borrowers.
Ever since the lockdown has been declared, Bank of Maharashtra has extended all kinds of personal Loans, agricultural, retail, and MSME loans, exceeding their regular credit limits.
Under the emergency line for COVID-19, it has already sanctioned Rs. 1600 crores to around 1.08 lakh borrowers, while under the standby line of credit (SLC, or the maximum amount of credit that a borrower can avail of from a lender), the bank has lent around Rs. 11 crores to 30 of its customers.
As stated by the Bank of Maharashtra, it had also increased awareness among the owners of MSMEs about its various schemes through digital platforms such as webinars, e-mails, SMS etc.
