Canara Bank has released credit support for all its borrowers who have been affected by the COVID-19. The Canara Credit Support is extended as a quick and hassle-free loan to overcome temporary liquidity mismatches for payment of statutory dues, salary/wages/electricity bill, rent etc. The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories.
It has employed various strategies like SMS, call centres, emails and personal calls to reach out to the eligible borrowers to explain the facility in order to sanction the loan. The bank has sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
