(Pooja Pal; Intern Journalist): Bengaluru: Canara Bank has announced to provide loan assistance to all its creditors affected by Covid-19. The bank has issued a statement in this regard saying that Canara Credit Support is a scheme to provide loans in a quick and hassle-free manner to creditors struggling with immediate cash problems. According to the bank, this loan assistance can be used by creditors for payment of statutory dues, payment of salary/electricity bills, and rent.
In a statement issued by Canara Bank, the company said that the company has approved about 6 lakh loans worth Rs 4,300 crore for the agriculture sector, self-help groups, and retail category. The bank is contacting eligible creditors through SMS, call center, email, and phone and informing them about the scheme.
The bank has also said that it has approved a loan of Rs 60,000 crore to corporate companies and MSMEs since March 20.
LV Prabhakar, MD, and CEO of Canara Bank have said, “We are confident that after the complete withdrawal of the lockdown, our customers will be able to fully take advantage of the loan sanctioned by the bank and Will make the business better. ”