SBI launches Common COVID Emergency Line to support Small Entrepreneurs

State Bank of India (SBI), together with other public sector undertakings, has come up with Common COVID Emergency Line of Credit under which 10% of funds based on the working capital limit are being provided to MSMEs and other business enterprises with the aim to help them tide over liquidity crisis being faced by them in the current pandemic.
THe SBI has launched this initiative along with the SBI YONO Digital platform through which the business enterprises can avail the loan facility without paying a visit to any SBI branch. The customers can open their accounts online on the SBI YONO platform. In the meanwhile, NABARD has extended Rs 30,000 crore special liquidity support as credit support to farmers through rural financial institutions. Through this special drive, NABARD will also provide a credit of Rs 2 lakh crore to 25 million farmers via Kissan Credit Card on a concessional rate of interest.

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