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SBI sanctions Rs 15,000 crores under Covid Emergency credit line to MSME

Mumbai: India’s largest lender State Bank of India on Tuesday said it has sanctioned loans worth Rs 15,000 crore to 1.5 lakh MSME customers under the central government’s Guaranteed Emergency Credit Line Loan Product. Out of the total sanctioned loans, the state-run lender has disbursed loans worth Rs. 8700 crore.

The bank said it has also re-assessed working capital limits, and made available restructuring benefits to eligible MSME customers.

Additionally, the bank also held malso held more than 125 virtual Town Hall meetings where more than 3000 MSMEs participated. As per directives of DFS, SBI conducted Circle level meetings to reach out to MSME customers and explain the various reliefs and financial support provided to them to fight the COVID-19 outbreak.

“MSME being the priority sector of Indian economy, it was important to hold these meetings to understand the concerns and handhold our customers amid lockdown and provide them with much needed financial aid,” said C S Setty, MD (Retail & Digital Banking), SBI. “We are glad that our E-Town Hall meetings were attended and appreciated by our numerous MSME customers.