SBI grants Rs 15,000 crores credits to 1.5 lakh MSME customers since May

Kolkata, 16 June (HS) : In its order to empower India’s large number of  MSME units, the country’s largest public sector bank and lender State Bank of India (SBI) has sanctioned Guaranteed Emergency Credit Line (GECL) amounting to over Rs. 15,000 crores, to 1.5 lakh MSME customers during the past one month.

In order to empower the MSMEs and inform them about various reliefs and financial opportunities as announced by the Union government  as part of its ‘Atmanirbhar Bharat Aviyan’ programme for the MSME units, SBI organised over 125 Circle level meetings across the country to explain to over 3,000  MSME customers about these reliefs and opportunities to help open a new vista for them.

Informing this, top SBI sources told Hindusthan Samachar here today, that during these  Circle level meetings with MSME customers since May, the Bank had also rolled out several ‘Guaranteed Emergency Credit Line Loan’ Products to support MSMEs and  other business enterprises .which had remained closed since late March because of nationwide lockdown

Following the government guidelines, the bank had so far sanctioned Guaranteed Emergency Credit Line (GECL) to the tune of over Rs. 15,000 crores to 1.5 lakh MSME customers, the sources informed..

 SBI has so far disbursed loans worth Rs. 8700 crores in addition to  huge additional supportive measures such as Covid Emergency Credit Line, re-assessment of working capital limits, and restructuring of advances to MSME customers, the sources said. 

According to CS Setty, Managing Director Retail and Digital Banking, SBI,  for creating further awareness on other loan product offerings for the MSMEs, the bank had also conducted around 120 webinars where nearly 3200 employees of the Bank  participated.