New Delhi: Punjab National Bank, India’s second-largest public sector lender has been one of the top lenders to small businesses under the government’s emergency credit line guarantee scheme (ECLGS).
As of 25th June, PNB has sanctioned Rs 6757 crore in 296753 eligible MSME accounts under 3 lakh crore Guaranteed Emergency Credit Line (GECL) out of which disbursements have been made to 59204 accounts amounting to Rs 2030 crore.
PNB MD & CEO S.S. Mallikarjuna Rao assured its customers in the statement, “PNB values its esteemed MSME customers and the bank will stand by them and support them through this crisis. This year we commit our support to overcome this crisis and reignite the country’s economy.”
Indian MSMEs are in need of urgent credit to reinitiate their working capital and business operation. MSMEs have suffered losses and were unable to pay the previous loan because of the current economic distress. The government have extended a lifeline by giving them 100 per cent guarantee credit from the date of announcement till 31st October.