Punjab Nationwide Financial institution on Wednesday mentioned it has opened an emergency credit score line for the MSME sector to assist it tide over liquidity points amid the coronavirus disaster.
It has additionally liberalised the working capital evaluation (LWCA) mannequin for MSME debtors having limits of Rs 5 crore and above, the state-owned lender mentioned at a webinar hosted with business physique PHD Chamber to handle the problems of micro, small and medium enterprises.
There’s a facility of standby line of credit score for MSMEs in addition to PNB COVID-19 Emergency Credit score Facility (PNB-CECF), the financial institution mentioned.
There are additionally different coverage initiatives like restructuring of MSME advances, curiosity subvention scheme, TReDS, Mudra mortgage merchandise, Credit score Assure Belief for MSMEs and PSB loans in 59 minutes, it added.
The financial institution’s MD and CEO SS Mallikarjuna Rao mentioned within the backdrop of the nationwide lockdown, the financial institution has organised the webinar to handle the liquidity requirement of its prospects by means of the net platform.
This kinds part of its ‘Mega MSME Outreach’ geared toward connecting with its MSME prospects throughout the nation and to handle their challenges. He mentioned the financial institution has witnessed a humongous response from debtors throughout the nation by means of this outreach programme.
The general public sector lender mentioned that it has been contacting greater than 1 lakh MSME debtors by means of its ‘Every One Attain Ten Every Day’ initiative to replace them about its schemes each day.
By means of the net platform of Commerce Receivables Discounting System (TReDS), MSMEs can avail well timed credit towards their payments, which helps in managing their cashflows effectively, PNB mentioned.
As well as, the financial institution has communicated with massive variety of MSME associations throughout the nation looking for co-operation to coach the businesses beneath their ambit in regards to the particular schemes launched by the financial institution.