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BoB launches multiple schemes to meet emergency fund needs due to COVID-19

In the wake of Coronavirus (COVID-19) outbreak, Bank of Baroda (BoB) has announced various schemes for the agriculture sector to ensure immediate financial assistant

BoB launches multiple schemes to meet emergency fund needs due to COVID-19
BoB launches multiple schemes to meet emergency fund needs due to COVID-19

Mumbai: Bank of Baroda (BoB), India’s leading public sector lender, announced various schemes for the agriculture sector to ensure immediate financial assistant to Women Self Help Groups (SHG), to meet their domestic and agriculture needs and an Emergency Credit Line for Farmer Producer Organization (FPO/ FPC) to meet the temporary liquidity mismatch of FPO / FPCs arising out of Coronavirus (COVID-19).

Under the additional assurance to SHGs-COVID19 scheme, the bank will provide support to existing SHG’s facilities in the form of CC/OD/TL/DL. The minimum loan amount is Rs 30,000 per SHG and maximum loan amount granted under the scheme is Rs 1 lakh per SHG, repayable in 24 months. The repayment for this scheme would be on a monthly and quarterly basis and the moratorium will be for a period six months from the date of disbursement.

Under the Baroda emergency credit line for FPO and FPC scheme, the objective is to meet the temporary liquidity mismatch of FPO and FPC arising of COVID-19. A limit of 10 percent of the combined limits will be sanctioned with the maximum amount of Rs 5,00,000 with the tenor of 36 months. The moratorium period is for a maximum of six months. Under the Baroda special scheme for existing agriculture investment credit borrowers including Dairy, Fisheries etc., the bank will provide instant credit for the farming community to meet the emergent funds requirement for farm maintenance and other farm-related activities due to COVID-19.

The limit stands at 10 percent of other agriculture sanction limit (i.e. minimum Rs 10,000) and maximum Rs 50,000 for existing regular investment credit agriculture accounts. Under the Baroda special scheme for existing crop loan borrowers impacted by COVID-19, a scheme for instant credit for farming funds for the requirement of agriculture and related domestic purpose has been launched. The limit for this scheme is 10 percent of KCC sanction limit i.e. Minimum Rs 10,000/- and Maximum Rs 50,000/- for existing regular KCC holders.

Bank of Baroda's Executive Director (ED) Vikramaditya Singh Khichi said, “At Bank of Baroda, we want to extend financial support to women self-help groups and the farming community so that their emergent fund needs are met with ease during these difficult times. We urge farmers and women SHGs to avail of the instant credit made available to support farm maintenance, other related activities and domestic needs for continuing their activities.”

Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk. Our editorial team has only changed the headline.