Canara Bank releases emergency credit facilities for MSMEs to meet funds requirement during lockdown

Bengaluru, (thestates.news) Public lender Canara Bank, in order to meet the temporary liquidity mismatch arising out of COVID-19 outbreak,has announced ‘CANARA CREDIT SUPPORT’ for all its borrowers who have been affected by COVID-19. The Canara Credit Support is extended as a quick and hassle-free loan to overcome the temporary liquidity mismatches for payment of statutory dues, salary/wages/electricity bill, rent etc.
Canara Bank has since sanctioned nearly Rs 6 lakh loans amounting to Rs.4300 crores under agriculture, SHGs and Retail categories. The bank has employed various strategies viz. SMS, Call Centres, emails, personal calls to reach out to the eligible borrowers to explain the facility in order to sanction the loan.
The Bank is the front-runner in disbursement and providing customer experience excellence in such unprecedented times. The Bank has also sanctioned more than Rs 60,000 crores of advances to the Corporates and MSMEs since March 2020 till date. Further, the Union Government has announced emergency credit line of 20 per cent of the outstanding credit as on Feb 29-2020 to MSME borrowers having Rs.25.00 Crore outstanding with an annual turnover up to Rs 100.00 Crore. The credit line is 100 per cent guaranteed by the Union Government. (uni) (mediasaheb.com)