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Most PSU banks offer special lines of credit

Several public sector banks have announced special emergency loan products to help people and businesses affected by coronavirus outbreak to tide over the crisis caused by the outbreak of coronavirus and the worsening economic situation. State Bank of India was the first to announce a special emergency credit line for its customers. Other public sector banks, including Indian Bank, Uco Bank, Bank of India and Union Bank of India too have announced similar emergency loan products. These special products are part of the economic relieve program announced by finance minister Nirmala Sitharaman as part of an economic relief package amid the Covid-19 scare. Bank of Baroda too has offered quick loans to its existing MSME and corporate borrowers. Indian Bank’s assistance will be available to companies, small businesses, retail customers and pensioners. Union Bank of India said it is providing additional credit facilities for its customers to tide over liquidity issues under which 10% of the working capital limit will be provided which will be payable in 12 instalments at lower rates of interest. Bank of India also said an emergency credit line will be made available very soon to provide some relief to the borrowers impacted by COVIDー19. Syndicate Bank said it has decided to stop calls and visits to customers for loan recovery and added that customers coming voluntarily for repayment will be serviced in the normal manner.

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