More than a dozen public sector banks have announced COVID-19 Emergency Credit Line to deal with the hardships faced by various sectors of the economy.
Though public sectors banks (PSBs) were quick to respond with steps to deal with the hardships faced by various sectors of the economy, private sector banks such as ICICI Bank, HDFC Bank and Axis Bank are yet to come out with any relief measures for their customers.
As many as 15 PSBs out of the total 18 government-owned banks till Thursday evening announced schemes to mitigate hardships faced by various segments. Taking the lead, the country’s largest lender SBI last week announced an emergency credit line to meet any liquidity mismatch for its borrowers.
The additional liquidity facility COVID-19 Emergency Credit Line (CECL) will provide funds up to Rs 200 crore and will be available till June 30, SBI said in a circular issued on Thursday.
Following the suit, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India and Bank of India.
Besides, Indian Bank, Bank of Maharashtra, Syndicate Bank, Indian Overseas Bank, UCO Bank and Andhra Bank have also introduced relief schemes till date for meeting liquidity requirements under COVID-19 emergency.
