BoB plans to sanction Rs 10,000 crore emergency working capital facility for Covid-19 affected businesses

The Hindu Business Line | May 23, 2020 at 12:04 PM
  • Bank of Baroda (BoB) will sanction Rs 10,000 crore as emergency working capital facility to COVID-19 affected businesses, including micro, small and medium enterprises (MSMEs).
  • Among the measures announced on May 13 by the Government under the “Atmanirbhar Bharat Abhiyaan” package, Banks will be providing additional working capital finance of 20 per cent of their outstanding (MSME) credit as on 29 February 2020.
  • MSMEs, with up to Rs 25 crore (loan) outstanding and turnover of up to Rs 100 crore (whose accounts are standard), will get guaranteed emergency credit at interest rates of up to 9.25 per cent from banks.