Bank of Maharashtra sanctions Rs 2,779 crore since March

The loans to MSMEs were offered majorly under the government's Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) and the lender's emergency credit line for COVID-19. Since the declaration of lockdown, the bank has sanctioned additional loans to its customers, including MSMEs, agriculture and personal borrowers.

Mumbai: State-owned Bank of Maharashtra on Wednesday said it has sanctioned Rs 2,779 crore to micro, small and medium enterprises (MSMEs) under various schemes since March.

Of this, the lender has disbursed Rs 2,327 crore to MSME players, according to a release.

The loans to MSMEs were offered majorly under the government's Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) and the lender's emergency credit line for COVID-19.

Since the declaration of lockdown, the bank has sanctioned additional loans to its customers, including MSMEs, agriculture and personal borrowers, over their regular limits, to overcome their liquidity mismatches.

Under its emergency line for COVID-19, the bank sanctioned Rs 1,653.16 crore to 1,08,419 borrowers. It sanctioned Rs 1,724.98 crore to 84,151 borrowers under ECLGS, the release said.

The bank also sanctioned an amount of Rs 11.28 crore to 30 borrowers under the standby line of credit (SLC).

The lender said it has implemented various measures to increase awareness about different schemes among customers through webinars, SMS, e-mail and telecalling, among others.