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Friday
June 2021
10:56 PM IST
News Headlines
Multan knocks Quetta out of PSL with 110-run win        WTC Final: Kohli eyes legacy, Williamson prize for consistency in battle of equals        India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects        China successfully launches first crew to new space station        Biden, Putin discuss ambassadors, nuclear weapons and more        Pre-monsoon showers in national capital        Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong        PM should acknowledge his mistakes, seek expert help to rebuild India: Rahul        PM invites world to invest in India        Yuvraj Singh becomes face of PUMA Motorsport in India        Dutee expects Olympics spot on basis of world rankings if not through qualification timing        India's fuel demand rebounds in June        Power consumption grows 9.3 pc in first half of June        UK expands COVID-19 vaccination drive to cover all over-21s        China says nuclear fuel rods damaged, no radiation leak        Tourists delighted after Taj Mahal reopens after two months        Odisha extends partial lockdown till July 1, opens borders with Chhattisgarh, Jharkhand        PM to launch customised crash course for Covid frontline workers        Unseeded Krejcikova wins maiden Grand Slam title in Paris        Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol        
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Business News
SBI & IBA announces various support measures and launch of new loan products by all Public Sector Banks
 
Kolkata: State Bank of India (SBI) Chairman Dinesh Khara, IBA Chairman Rajkiran Rai and IBA Chief Executive Sunil Mehta on Sunday addressed a joint press conference 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 May 5 last has announced several measures such as:Term Liquidity Facility of Rs 50,000 crore to Ease Access to Emergency Health Services(Covid Loan Book),Resolution Framework 2.0 for COVID Related Stressed Assets of Individuals, SmallBusinesses and MSMEs,Re-assessment of Working Capital Limits etc.,Further, Central Government 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. To implement the expanded ECLGS measures To make the loan products available to business entities to improve the healthcare infrastructure and to individuals to meet the expenditure for covid treatment To put in place systems and processes for seamless implementation of RBI’s Resolution Framework 2.0

Banks are expected to create a Covid loan book under the RBI Guidelines. Accordingly, 3 under noted 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.

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. Business loans for Healthcare Facilities upto Rs.100 Crores To setup / expand healthcare infrastructure and to manufacturers of healthcare products 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: Upto Rs 10 lakhs : Standardised Restructuring Offer to Certain Small Businesses and MSMEs Above Rs 10 lakhs and upto Rs 10 Crores Above Rs 10 Crores Loans to Individuals: To have seamless implementation in effective manner, PSBs have come out with strategic approach
Standard templates, portal and branch based approach. Graded approach for restructuring Standard application and assessment formats Standard and simplified documentation Common outreach 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.


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INTERNATIONAL NEWS
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NATIONAL NEWS
Pre-monsoon showers in national capital
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Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong
Tourists delighted after Taj Mahal reopens after two months
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