• Rs 1.61 lakh cr worth of loans sanctioned to MSMEs under ECLGS
    NEW DELHI, SEPTEMBER 7 (IANS): Banks have so far sanctioned loans amounting to Rs 1.61 lakh crore to MSMEs under the Emergency Credit Line Guarantee Scheme (ECLGS), the government said on Monday. "As of 03 Sept 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,61,017.68 crore, of which Rs 1,13,713.15 crore has already been disbursed," said a tweet by the the office of Finance Minister Nirmala S
  • Digital lenders are busy helping Indian MSMEs stay afloat: Report
    NEW DELHI, AUGUST 21 (IANS): As the Covid-19 crisis forces micro, small and medium-size enterprises (MSMEs) in India to stay afloat in the absence of incoming revenue and kick-start their business again, digital lenders have come of age as they have the advantage of speed and adaptability to assess and disburse loans faster, according to a new report. The Reserve Bank of India (RBI) estimates the total addressable credit demand by the country's MSMEs at $490 billion and the over
  • SBI reduces MCLR by 5-10 bps in shorter tenors
    NEW DELHI, JULY 8 (IANS): State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of funds-based lending rates (MCLR) on loans by 5-10 basis points (bps) in the shorter tenors -- up to three months -- with effect from July 10.   In a statement, the bank said that the rates have been cut to boost credit off take and revive demand.   This is the 14th consecutive reduction in SBI's MCLR.   Following the latest revision, SBI'
  • Canara Bank lowers interest rates on loans by 10 bps
    NEW DELHI, JULY 6 (IANS ): Canara Bank has reduced marginal cost of funds-based lending rate (MCLR) on loans and advances across all tenors with effect from July 7. The interest rate has come down by 10 basis points (bps).   Accordingly, MCLRs of the bank shall vary between 7.20 per cent for overnight loans/advances and 7.55 per cent for one-year loans/advances.   The repo-linked lending rate continues to be 6.90 per cent.   After the amalgamation of Sy
  • Indian Overseas Bank reduces interest rates on loans
    NEW DELHI, JUNE 7 (IANS): Chennai-based public sector bank Indian Overseas Bank (IOB) on Sunday said that it has reduced its interest rate on loans linked to MCLR by 30 basis points (bps) in overnight tenor and by 20 bps in one month to one year tenors with effect from June 10.   In a statement, the bank said that loans linked to marginal cost of funds based lending rate (MCLR) will become cheaper.   IOB has also reduced its interest rate on loans linked to repo-l
  • SBI launches separate vertical for agriculture, micro credit
    NEW DELHI, JUNE 2 (IANS): In a major restructuring exercise, the State Bank of India (SBI), the largest lender of the country, has created a separate FI&MM vertical within the Bank with an exclusive focus on Financial Inclusion & Micro markets in rural and semi urban areas to improve customer experience in the hinterland.   Under this, the Bank will offer loans predominantly for agriculture and allied activities, and micro and small enterprises.   About 8,