In a statement, Canara Bank announced credit support for all its borrowers who have been affected by the COVID-19. The Canara Credit Support has been extended as a quick and hassle-free loan to overcome temporary liquidity mismatches for payment of statutory dues, salary/wages/electricity bill, rent etc., the bank said in a statement.
The bank further said that it has since sanctioned nearly six lakh loans amounting to Rs 4,300 crore under agriculture, SHGs (self-help groups) and retail categories.
It has been reaching out to the eligible borrowers to explain the facility in order to sanction the loan via SMS, call centres, emails and personal calls, etc.
The bank has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date.
Canara Bank's MD and CEO, L V Prabhakar said, "We are sure that once the lockdown is completely lifted, our customers would be able to avail the sanctioned facilities to the full extent and improve their business."