India’s 2nd largest public sector lender Punjab National Bank conducts a live webinar on Wednesday 6th May 2020. The title of the webinar was ‘Mega MSME Outreach’.
The main object of the webinar was to connect its MSMEs customers across the nationwide where PNB has opened an emergency credit line for the MSME sector to enhance liquidly for addressing their challenges in the pandemic of COVID-19.
In also addition, one more object of the webinar was to educate its customers across the country about the various products and services made available by the bank for their ease.
The public sector lender said that “It has been contacting more than 1 lakh MSME borrowers through the campaign ‘Each One Reach Ten Each Day’ initiative to update them about its schemes on a daily basis”.
The state-owned lender said at an online platform hosted with industry body PHD Chamber to address the issues of MSMEs. Through the webinar the Trade Receivables Discounting System (TReDS), MSMEs can avail timely credits against their bills, which helps in managing their cash flows efficiently.
The bank has communicated with a large number of MSME Associations, across the country seeking co-operation to educate the MSMEs under their boundary about the special schemes launched by the bank.
The bank said, “There is a facility of standby line of credit for MSMEs as well as PNB COVID-19 Emergency Credit Facility (PNB-CECF)”.
The online platform also informed the MSME participants about various hand-holding measures taken by the Govt of India, RBI, and PNB.
The webinar was hosted by MD & CEO of PNB CH SS Mallikarjuna Rao, along with Executive Directors, Dr. Rajesh Kumar Yaduvanshi, Sanjay Kumar, Vijay Dube, and Agyey Kumar Azad and was moderated by Vinod Jain, Chairman, Banking & Insurance Committee, PHD Chambers of Commerce & Industry.
SS Mallikarjuna Rao said that “In the backdrop of the nationwide lockdown, the bank has organized the webinar to address the liquidity requirement of its customers through the online platform and it has witnessed a humongous response from our borrowers across the country, marking it a great success.”
The Executive Directors said that “The pandemic has posed fresh challenges for the country’s economy, causing a severely disruptive impact on both demand and supply-side elements. This has the potential to derail the growth of the economy in the current and coming fiscal years. With the proactive approach of the bank, we hope the outreach program would help our customers to understand the customized new product facilities, benefits, and special schemes offered by the bank to cope up with the crisis.”
The following are the some other steps taken by the Bank in the webinar to help their existing borrowers and for giving a boost to the units of MSMEs.
- Liberalized Working Capital assessment (LWCA) model for MSME borrowers having Limits up to ₹ 5.00 Crore & above ₹ 5.00 Crore.
- Other Policy initiatives like restructuring of MSME Advances, Interest Subvention Scheme, TReDS, Mudra Loan Products, Credit Guarantee Trust for MSME’s, PSB loans in 59minutes, among others.