Indian Govt tells banks to give liquidity to corporates

Indian government has asked all state-owned lending banks to extend emergency credit lines to corporate borrowers. The banking sector is putting in efforts to tackle the fallout from the coronavirus outbreak that has grounded business across the globe. Banks have been asked to make available an additional 10 percent in funds over and above sanctioned working capital loans, but not exceeding 26.33 million dollars per loan account as part of the emergency measures. According to sources, India`s largest lender, State Bank of India, has already rolled out this emergency credit line and the other state-owned lenders are also expected to follow suit shortly.