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Coronavirus crisis: PSBs sanction loans worth Rs 17,705 crore to small businesses, says FinMin

Among public sector banks, State Bank of India has sectioned maximum Rs 11,701.06 crore worth loans, of which loans amounting to Rs 6,084.71 crore have been disbursed already

twitter-logoBusinessToday.In | June 7, 2020 | Updated 16:12 IST
Coronavirus crisis: PSBs sanction loans worth Rs 17,705 crore to small businesses, says FinMin
MSMEs have responded enthusiastically to Centre's Guaranteed Emergency Credit Line (GECL)

Public sector banks have sanctioned loans worth Rs 17,705.64 crore under the 100 per cent Emergency Credit Line Guarantee Scheme as of June 5, out of which loans worth Rs 8,320.24 crore has been disbursed, the Union Ministry of Finance said on Sunday. Among the banks, State Bank of India has sectioned maximum Rs 11,701.06 crore worth loans, of which loans amounting to Rs 6,084.71 crore have been disbursed already.

Punjab National Bank has sanctioned loans worth Rs 1,295.59 crore, including 242.92 crore worth of disbursement. Union Bank of India has sanctioned Rs 968.73 crore, including Rs 435.72 crore worth of disbursement. Bank of Baroda has sanctioned loans worth Rs 793.77 crore, of which loans worth Rs 220.14 crore has been disbursed.

The Micro, Small and Medium Enterprises (MSMEs) have responded enthusiastically to Centre's Guaranteed Emergency Credit Line (GECL). Within 10 days of rules for the scheme being notified, more than 1.5 lakh beneficiaries have reportedly availed of the facility. A senior Finance Ministry official told India Today TV that loans worth Rs 13,500 crore have been sanctioned till Friday for 1.5 lakh successful MSMEs and businesses under the scheme. Out of this Rs 6,000 crore has already been disbursed.

Also read: 1.5 lakh MSMEs utilise Rs 13,500 crore of govt's credit line in 10 days

Besides, the Centre has laid out funds allocated for different sections of the society under the Pradhan Mantri Garib Kalyan Package announced in April in the wake of coronavirus pandemic. As part of the Rs 1.70-lakh crore relief package, over 42 crore Indians have already received financial assistance worth Rs 53,248 crore from the Centre.

Funds allocated under various components of PMGKP are:

  • Over Rs 16,394 crore front-loaded towards payment of the first instalment of PM-KISAN to 8.19 crore beneficiaries.
  • Over Rs 10,029 crore credit to 20.05 crore women Jan Dhan account holders under the first instalment. Around Rs 10,315 crore credited to 20.62 crore women Jan Dhan account holders under the second instalment.
  • Total Rs 2,814.5 crore disbursed to about 2.81 crore old-age persons, widows and disabled persons in two instalments.
  • Over 2.3 crore building and construction workers received financial support amounting to Rs 4,312.82 crore.
  • So far, 101 lakh MT of foodgrains have been lifted by 36 states/UTs in April. Over 32.92 LMT of foodgrains has been distributed, covering 65.85 crore beneficiaries, in May. Over 3.58 LMT foodgrains distributed in June covering 7.16 crore beneficiaries.
  • Total 9.25 crore PMUY cylinders have been booked under the scheme and 8.58 crore cylinders have already been delivered to beneficiaries.
  • Around 16.1 lakh EPFO members have availed the online withdrawal of non-refundable advance from the EPFO account.
  • In the current financial year, 48.13 crore person's man-days of work generated under MGNREGA. Further, Rs 28,729 crore released to states to liquidate pending dues of both wage and material.
  • Around 24% EPF contribution transferred to 59.23 lakh employees account, amounting to 895.09 crore.

Also read: Coronavirus crisis: PSBs sanction loans worth Rs 10,361.75 crore

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