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Covid-19 lockdown: Corporates seek loans to pay salaries, PSU banks step up
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MUMBAI: As corporates frantically dial banks seeking help to tide over the Covid-19 crisis, public sector banks have stepped up with emergency funds to aid companies, both small and large, to continue operations, especially pay salaries, said two people aware of the development.
At least two state-owned banks, State Bank of India (SBI) and Union Bank of India have sanctioned emergency credit lines while Bank of Baroda (BoB) and Bank of India are expected to approve something similar in the coming days.
SBI’s credit line is up to ₹200 crore, while that of Union Bank’s is up to ₹50 crore. BoB is looking to sanction an ad-hoc limit of ₹200 crore or up to 10% of borrowers’ fund-based working capital limit and Bank of India plans to allow a
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COVID-19
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India
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