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Canara Bank announces credit support to borrowers affected by COVID-19

The bank has so far sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories.

May 23, 2020 13:45 IST
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Canara Bank, one of the largest public sector banks owned by the Indian government, has announced credit support for all its borrowers, who have been affected by the COVID-19 pandemic.

The Canara Credit Support will be extended as a quick and hassle-free loan to all its borrowers to help them overcome temporary liquidity mismatches such as payment of statutory dues, salary, electricity bills, rent and wages. 

The bank in a statement announced that it has so far sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories.

The bank has also sanctioned advances worth over Rs 60,000 crore to corporates and MSMEs from March 2020 to date.

Speaking on the same, Canara Bank's MD and CEO L V Prabhakar, said that the bank is confident that once the lockdown is completely lifted, its customers will be able to avail the sanctioned facilities to the full extent and improve their business.

The bank is using different strategies such as emails, call centres, personal calls and SMS to reach out to all the eligible borrowers to explain the facility in order to sanction the loan.

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