These banks are giving out emergency funds to help customers tide through the Coronavirus lockdown

Public sector banks in India are launching emergency credit facilities to help customers tide through the Coronavirus lockdownBCCL

Public sector banks including the State Bank of India, Union Bank, Andhra Bank and Indian Bank announced emergency credit lines for customers who need extra cash to tide through the Coronavirus lockdown.

These emergency loans are available to both companies as well as retail customers depending on the bank. Indian Bank, for example, has four categories of loans for corporates, small businesses, salaried employees and pensioners. Instead of having to go to the bank, customers can send their requests in via direct messages on Twitter.


Union Bank launched a Covid Emergency Line of Credit (CELC), which is available to all of the bank’s existing customers.



India’s largest lender, the State Bank of India ( SBI) led the charge by committing 0.25% of annual profits towards fighting Covid-19 on March 20. The bank will use these funds to support those healthcare systems which can help reach under-priviledged individuals.

In addition, SBI launched the Covid-19 Emergency Credit Line (CECL) that customers can avail till 30 June 2020. Up to ₹200 crore can be released with loans issued at an interest rate of 7.25%.

Andhra Bank is also setting up a short-term credit facility, but only for small businesses and corporate borrowers.


Other banks like Bank of India announced that they have imminent plans to launch credit facilities, but official notifications are yet to be announced.


According to the Ministry of Corporate Affairs, spending CSR funds to fight the Coronavirus pandemic is an eligible CSR activity.

See also:
Coronavirus cases in Kerala news and updates

Coronavirus cases in Tamil Nadu news and updates

Coronavirus cases in Maharashtra news and updates



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