Even as Finance Minister Nirmala Sitharaman announced the deployment of an economic relief plan amid the fear of Covid-19, PSU banks came to save businesses hit by the lockdown nationwide. Businesses suffering from declining demand and zero footfall in the market can now look to many PSU banks for emergency credit to continue their efforts. State Bank of India, Indian Bank, Uco Bank, Bank of India (BOI) and Union Bank of India (UBI) have announced emergency lines of credit for quick loans. While Baroda Bank has offered quick loans to its existing MSME and business borrowers, India Bank has offered business, small business, individuals and retirees to take advantage of this facility.
In the wake of #coronavirus epidemic, #UnionBankofIndia relentlessly supports all of its existing customers with the launch of the Covid Emergency Line of Credit (CELC) which provides additional credit facilities to overcome liquidity issues. @DFS_India
– Union Bank of India (@UnionBankTweets) March 24, 2020
SBI was the first to announce such an emergency credit line and he said in a circular that the Covid-19 Emergency Credit Line (CECL) additional liquidity facility, will provide funds up to Rs 200 crore and will be available up to ‘at the end of June. The State Bank of India offered loans at an interest rate of 7.25%, for a term of 12 months. Many other PSU banks are also expected to follow suit.
To help you financially to cope with these difficult times of #coronavirus epidemic, Indian Bank unveils lines of credit for businesses, small businesses, retail customers and retirees. DM us your request. @DFS_India pic.twitter.com/Tu0uBRM28Q
– Indian Bank (@MyIndianBank) March 24, 2020
Meanwhile, to reduce the burden on businesses, FM Sitharaman recently eased the burden of regulatory compliance by announcing a series of measures, including an extension of the deadline for filing GST and income tax returns, an extension of the deadline for the Sabka Vishwas regime. , and raise the threshold for opening IBC procedures from Rs 1 lakh to Rs 1 crore. The finance ministry is expected to announce a comprehensive economic relief plan soon in the wake of the coronavirus shutdown.