State Bank Of India

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SBI disburses Rs 8,700 crore to MSMEs under emergency credit guarantee scheme

Date: 17-06-2020

State Bank of India (SBI) has disbursed Rs 8,700 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, pummelled by the coronavirus-induced lockdown. As per the directions of the finance ministry, SBI and other banks rolled out the Guaranteed Emergency Credit Line (GECL) loan product to support MSMEs and business enterprises as per the guidelines of NCGTC.

The bank has sanctioned GECL aggregating Rs 15,000 crore to 1.5 lakh MSME customers. The bank so far has disbursed loans worth Rs 8,700 crore. Additional supportive measures such as COVID Emergency Credit Line, re-assessment of working capital limits, and restructuring of advances are also being made available by bank to MSME customers. 

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.