SBI, Bank of Baroda sanction Rs 10,000 crore for COVID-19-hit companies: Report
Banks have built internal capacities for assisting companies, including micro, small & medium enterprises (MSMEs).
April 29, 2020 / 12:47 PM IST
As the Centre works on an economic package, the Finance Ministry has reviewed the support extended by public sector banks (PSBs) to companies hit by the coronavirus outbreak.
As per the review, State Bank of India (SBI) and Bank of Baroda have together sanctioned Rs 10,000 crore as immediate credit assistance, Business Standard reported.
PSBs have inbuilt financial assistance capabilities to aid companies and micro, small and medium enterprises (MSMEs). Officials have termed this a regular review, adding a discussion was also held on working capital reassessment, the newspaper said.
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Feedback from the exercise would be utilised for formulating the economic package, the timeline on which was unclear, officials said.
Moneycontrol could not immediately verify the report.
An SBI executive told the business daily that establishing the impact of the viral outbreak was important in availing relief loans. There was no elaborate scrutiny as these were emergency loans, they added.
Confirmed COVID-19 cases in India now stand at 31,332. The death toll is at 1,007. Globally, 31.1 lakh cases have been confirmed and at least 2.16 lakh people have died of the virus that was first reported in China late 2019.Follow our full COVID-19 coverage here