Mumbai : Shri. Dinesh Khara, Chairman, SBI, Shri. Rajkiran Rai, Chairman, IBA and Shri Sunil Mehta, Chief Executive, IBA addressed a joint press conference today to announce the various support measures and launch of new loan products by all Public Sector Banks to mitigate the impact due to resurgence of Covid pandemic.
While the economy had revived well from the beginning of 4th quarter of FY21, its resurgence since April 21 has impacted the lives of individuals, and cash flows of businesses and MSMEs.
To address the disruptions caused by the resurgence of Covid pandemic,
Reserve Bank of India (RBI) in the statement dated 05.05.2021 has announced several measures such as
Further, Government of India with a view to providing support to MSMEs, safeguard livelihoods and to help in seamless resumption of business activity and also to give fillip to finance the critical healthcare facilities, has announced modifications to the very successful ECLGS Scheme.
Government has enlarged the scope of ECLGS. DFS, GOI has announced today the contours of an expanded ECLGS 4.0 with 100% guarantee cover by NCGTC for loans up to Rs.2 Cr. to hospitals, nursing homes, clinics for setting up on site Oxygen Generation plants.
Validity of ECLGS has been extended to 30.09.2021. Disbursement under the scheme is permitted up to 31.12.2021.
Operating Guidelines will be issued by NCGTC.
In the backdrop of the above, Public Sector Banks have undertaken.
Banks are expected to create a Covid loan book under the RBI Guidelines.
Accordingly, 3 undernoted products have been designed to provide fresh lending support to vaccine manufacturers, hospitals/dispensaries, pathology labs, manufacturers and suppliers of Oxygen, Ventilators, importers of vaccines & Covid related drugs logistics firms and patients for treatment.
1. Healthcare Business Loans for setting up Oxygen Plants under ECGLS. Loan upto Rs.2 Crores capped @ 7.5% for hospitals, nursing homes for setting up Oxygen plant, backed by 100% guarantee cover of NCGTC under ECLGS 4.0.
2. Business loans for Healthcare Facilities upto Rs.100 Crores To setup / expand healthcare infrastructure and to manufacturers of healthcare products
3. Unsecured personal Loans to Individuals from Rs.25000 to Rs.5 lakhs for Salaried, non-salaried and pensioners for meeting Covid treatment.
All the above schemes are being offered by PSBs at concessional interest rates and will form part of the Covid loan book.
In regard to Resolution Framework 2.0, PSBs have formulated Templated Approach for restructuring of Loans.
Business Loans-Three categories:
Loans to Individuals
To have seamless implementation in effective manner, PSBs have come out with strategic approach
The above initiatives taken by all the PSBs by coming together and announced today is a significant step in the right direction to mitigate the financial impact due to Covid resurgence on all affected segments of the borrowers.
The Chairman of SBI, Chairman IBA and CEO, IBA also explained the various outreach initiatives being taken by them to reach out to all the eligible customers for restructuring of loans availed by individuals, Businesses and MSMEs under Resolution Framework 2.0 of RBI.
Gurugram, India – October 11, 2023: Samsung announced exciting offers
Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G
Bengaluru, October 10, 2023 IN-SPACe (Indian National Space Promotion and
New Delhi, October 3, India- Philips India announces an exciting co
Through this exciting initiative, the brand aims to emerge as the go-to purveyor of authentic Chinese in India
New D
Jaipur, 18 April: Students of Jaipur have recently shown their remarkable achievement in the UPSC Civil Services Examination-
· Technopark-based Lifology holds conversation on IER 2024
Thiru