UBI to help flood victims with 5,000 crore easy loans

The Union Bank of India (UBI) has prepared an action plan to provide loans worth 5,000 crore to flood victims, including farmers, small traders affected by COVID-19 and medium, small and micro-enterprises (MSMEs).

Addressing a press conference here on Tuesday, UBI Chief Executive Officer (CGM) V. Brahmananda Reddy said the action plan was prepared to meet the demands and needs of cross-sections of the company that suffered losses due to the COVID-19 pandemic and flooding. . Under the action plan, easy loans worth 1,000 crore would be disbursed under the Kisan Tatkal program. Farmers can instantly benefit from 50% of the crop loan or loan up to 50,000 without any collateral or collateral. The bank would also provide loans worth 1,500 crore to self-help groups (SHG) and 2,000 crore to MSMEs would be provided as an additional instant plan to recover from the impact of the pandemic. DWCRA self-help groups would get the maximum amount of loans. of ₹ 20 lakh and SHGs in urban areas would get ₹ 10 lakh, he said easy loans

The CGM said the bank had identified 15,800 eligible people, who had already taken out housing loans and were regularly paying the installments, for an additional loan of 15 lakh without any additional collateral. “Farmers, women, MSMEs and other groups of people who have suffered losses from heavy rains and floods in Kadapa, Anantapur, Chittoor and Nellore districts are in dire need of financial assistance to survive. recover from the economic disaster, he said. MSMEs that suffered heavy losses during the pandemic would get instant loans under the COVID emergency credit program. This action plan would surely help them recover from distress, ”he said.

The Deputy Managing Directors of Union Bank of India, K. Srinivasulu Reddy, Vege Ramesh and N. Srinivas Rao, were present.

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