SBI sanctions loans to over 4 million MSMEs under credit guarantee program

On International MSME Day, SBI Managing Director CS Shetty spoke to MSME clients and employees across the country on Friday via video conference.

SME products have been promoted to customers to increase awareness and enable them to choose the right product for their business, SBI said in a statement.

Nationally, the bank has so far granted loans to more than 4 million customers under the guaranteed emergency line of credit (GECL), a senior bank official said.

On ??20,000 crore was sanctioned for eligible MSME clients under the program launched on June 1.

The regime will be applicable to all loans sanctioned under the GECL facility during the period from the date of the announcement of the plan to October 31 or up to an amount of ??3 lakh crore are sanctioned under the program, whichever comes first.

The main objective of the program is to incentivize member credit institutions to increase access and enable the availability of an additional financing facility for MSME borrowers, given the economic distress caused by the COVID-crisis. 19, by offering them a 100% guarantee. for any loss suffered by them due to non-repayment of GECL financing by borrowers.

The statement further states that Delhi Circle Chief Executive Officer Vijuy Ronjan has pledged to fully support MSMEs through the SBI in the coming times. SBI Deputy Managing Director and COO Saloni Narayan also participated in the video conference.

This story was posted from a feed with no text editing.

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