PNB always with MSME entrepreneurs:  Ch S S Mallikarjuna Rao

Hyderabad: Punjab National Bank, today participated in a live “Webinar Townhall with CII” on issues related to MSME customers across the country and to address their challenges in the face of COVID-19 pandemic.
An important objective of the webinar was to educate the MSME participants about various hand-holding measures taken by the Government of India, Reserve Bank of India and Punjab National Bank. The webinar was attended by Ch SS Mallikarjuna Rao, MD & CEO, Punjab National Bank along with Executive Director Shri Agyey Kumar Azad.
While addressing the participants Ch SS Mallikarjuna Rao has informed that Punjab National Bank has sanctioned Rs.8690 Crores in 404675 accounts to MSME Sector under the Emergency Credit Line Guarantee Scheme (ECLGS) out of these accounts Rs.2595 Crores has already been disbursed in 79029 accounts so far.
An important objective of the webinar was to educate its customers across the nation about the various products and services made available by the bank for their ease. Through the campaign ‘Each One Reach Ten Each Day’, more than 1.00 lac customers including MSMEs are being contacted by the officials to update about the COVID schemes on daily basis. Through the online platform of Trade Receivables Discounting System (TReDS), MSME’s can avail timely credits against their bills, which helps in managing their cashflows efficiently. In addition, the bank has communicated with large number of MSME Associations, across the country seeking co-operation to educate the MSMEs under their ambit about the special schemes launched by the bank.
Executive Director Agyey Kumar Azad said that, “The pandemic has posed fresh challenges for the country’s economy, causing severe disruptive impact on both demand and supply side elements. This has potential to derail the growth of the economy in the current and coming fiscal years. With the proactive approach of the Govt of India, RBI and bank we hope that the outreach program will help our customers to understand the customised new product facilities, benefits and special schemes offered by the bank to cope up with the crisis”.
About 25 participants including the office bearers of various MSME bodies raised queries on ongoing issues, Ch SS Mallikarjuna Rao gave his replies to all the queries to their satisfaction.