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PSBs sanction Rs 6.45 lakh crore loan

The Finance Ministry has said that public sector banks have sanctioned loans worth Rs 6.45 lakh crore during March-May.

Loans worth over Rs 6.45 lakh crore were sanctioned by PSBs during March 1 – May 15 for 54.96 lakh accounts from MSME, Retail, Agriculture & Corporate sectors; A notable increase compared to the Rs 5.95 lakh crore sanctioned as of May 8, the Finance Ministry said

Public Sector Banks sanctioned over Rs 1.03 lakh crore as emergency credit lines & working capital enhancements in the period March 20 to May 15, which is a substantial increase over the Rs 65,879 crore that had been sanctioned up to May 8.

It may be noted that with the lockdown coming into effect from March 25, state-owned banks had opened an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore.

India has been under lockdown from March 25 to check the spread of coronavirus. The lockdown has been extended till May 31 with some relaxations.

Meanwhile In a communication to the States, Union Ministry of Home Affairs has noted that fear of COVID-19 infection and apprehension of loss of livelihood are the main driving factors for the movement of stranded workers towards their homes. In order to mitigate the distress of migrant workers, the communication stresses on a number of measures that may be taken by the State governments, pro-actively in coordination with the Centre.

These include Run more Buses, ensure their Smooth Transition across States and inter-State borders; Create en-route Rest Places with basic amenities for people on foot, till they are guided to bus/rail stations; Dispel rumours, give clarity on train/bus departures.

With the country fighting Covid-19 pandemic and under lockdown, availability of essentials like food and health services to the masses is crucial. While for the consumers it is important that their supplies are maintained; for farmers too, it is imperative that the value chain starting with them is up and running to market their produce even under restrictions.

Taking the initiative further in this context, Mother Dairy, a wholly owned subsidiary of National Dairy Development Board, contributed in stabilizing the dairy supply chain in Vidarbha and Marathwada Region amid Lockdown. Located in Civil Lines area of Nagpur city, Mother Dairy is extending all possible support to farmers and procuring an average milk volume of 2.55 lakh litres per day in Vidarbha and Marathwada region

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