Reported by: banking|Updated: July 2, 2020
Punjab National Bank said it has sanctioned Rs 6757 crore in 296753 eligible MSME accounts under 300,000 crore Guaranteed Emergency Credit Line (GECL) out of which disbursements have been made to 59204 accounts amounting to Rs 2030 crore. On the occasion of International MSME Day on 27 June, S.S. Mallikarjuna Rao, MD & CEO of the bank, said the bank values its MSME customers and it will stand by them and support them through this crisis. 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 31 October.