Country’s largest banking institution State Bank of India leads the pack of public sector banks in disbursing emergency loans to the industry and help improve investment climate in the country amidst Covid-19 pandemic.
The bank has cumulatively disbursed loans to the tune of Rs 7,516.64 crore to 66,335 corporate accounts across the country upto June 9. The loans have been disbursed under the the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government for meeting the liquidity needs of the MSME sector in the present crisis.
The SBI’s loan disbursal accounts for over 60 per cent of Rs 12,200.65 crore disbursed by 12 PSBs under the scheme upto June 9. The disbursals have picked up pace lately as the amount for MSMEs stood at Rs 599.12 crore just a day back on June 8.
In a tweet, the office of Finance Minister Nirmala Sitharaman said: “As of 9 June 2020, #PSBs have sanctioned loans worth Rs 24,260.65 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 12,200.65 crore have been disbursed.”
As per the Finance Ministry data, loans have been disbursed to 2,80,926 accounts under ECLGS showing that a wide spectrum of industries are taking advantage of the scheme to meet their immediate liquidity needs.
Apart from SBI, Union Bank is India, Punjab National Bank, Bank of India and Canara Bank have sanctioned over Rs 500 crore worth of loans to the MSME segment. Though disbursal from Central Bank of India is relatively lower at around Rs 394 crore, it has distributed the money to large number of accounts at over 47,500.
Bulk of the loan sanctions have gone to industry in the southern states while industrial sectors in Maharashtra, Uttar Pradesh, Rajasthan and Gujarat have also received high quantum of loans from PSBs.
In all PSBs have sanctioned loan under ECLGS to over 5.5 lakh accounts so far while disbursals have been made in case of over 2.80 lakh accounts.
The ECLGS scheme is the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India Mission package announced by Finance Minister Nirmala Sitharaman last month.
No increase in fuel prices for 2nd consecutive day on Tuesday
Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.
With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.
The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.
Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.
Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.
Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.
Markets open on a positive note
The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.
The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.
On Monday, the Sensex closed at 61,765.59 points.
The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.
The Nifty is trading at 18,549.55 points in the morning.
Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets
Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.
Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.
In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.
The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.
Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.
OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
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