State-owned Punjab National Bank on Monday said it has sanctioned Rs 8,690-crore loans in 404,675 accounts to the MSME sector under the Emergency Credit Line Guarantee Scheme (ECLGS). Of the sanctioned amount, the lender has already disbursed Rs 2,595 crore of loans in 79,029 accounts so far, its Managing Director and CEO S S Mallikarjuna Rao said.
In May, the government announced ECLGS, a 100 per cent credit scheme worth Rs 3 lakh crore to support the micro, small and medium enterprises (MSME) sector, which has been adversely affected by disruptions caused by the coronavirus pandemic.
Rao was speaking at a webinar organised to discuss issues related to MSME customers across the country and to address their challenges in the face of the COVID-19 pandemic.
The objective of the webinar was to educate the bank's customers across the nation about the various products and services made available for their ease.
The bank, through its campaign, 'Each One Reach Ten Each Day', contacted more than one lakh customers, including MSMEs, to update about the COVID-19 schemes on a daily basis.
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