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    Bank of Maharashtra sanctions nearly Rs 2800 crore to MSMEs during pandemic

    Synopsis

    Under Covid-19 over one lakh borrowers were sanctioned Rs. 1653 crore. While under the union government’s ECLGS scheme over 84151 borrowers were sanctioned Rs. 1724 crore.

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    On May 21, the Cabinet had approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25% through Emergency Credit Line Guarantee Scheme (ECLGS) for the micro, small and medium enterprises.
    MUMBAI: Public sector lender Bank of Maharashtra has sanctioned Rs 2779 crore to micro, small and medium enterprises as part of the Covid emergency credit line. Nearly Rs 2327 crores has already been disbursed out of the sanctioned amount.

    “Bank of Maharashtra has since declaration of lockdown sanctioned to its customers’ additional loans over their regular limits to overcome the problem of liquidity mismatch under various schemes,” the lender said in a statement.

    Under Covid-19 over one lakh borrowers were sanctioned Rs. 1653 crore. While under the union government’s ECLGS scheme over 84151 borrowers were sanctioned Rs. 1724 crore.

    On May 21, the Cabinet had approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25% through Emergency Credit Line Guarantee Scheme (ECLGS) for the micro, small and medium enterprises.

    Under the scheme, 100% guarantee coverage is being provided by the NCGTC for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers in the form of a guaranteed emergency credit line (GECL) facility.
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