Business

PSBs sanction Rs 17,705 cr collateral free loans for MSMEs

New Delhi, Jun 7 (IANS) | Publish Date: 6/7/2020 1:33:23 PM IST

Public sector banks (PSB) have so far sanctioned Rs 17,705.64 crore worth of loans under the 100 per cent government guaranteed Emergency Credit Line Guarantee Scheme.

The scheme is part of the Aatmanirbhar Bharat economic package. As per the government, banks would provide collateral-freeloans to the eligible MSMEs loans upto Rs 3 lakh crore in total in a bid to overcome the financial crisis caused due to the coronavirus pandemic and the nationwide lockdown.

As of Friday, June 5, out of the sanctioned amount, Rs 8,320.24 crore has been disbursed, said a tweet by Finance Minister Nirmala Sitharaman’s office.

“As of 5 June 2020, #PSBs have sanctioned loans worth Rs 17,705.64 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 8320.24 crore have been disbursed,” said the tweet.

Data shared in the tweet showed that the State Bank of India (SBI) contributed a major chunk of the amount sanctioned and disbursed so far. SBI, as of Friday sanctioned a total of Rs 11,701.06 crore and disbursed Rs 6,084.71 crore of loans.

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