Sidbi commits Rs 15 cr to PM-CARES Fund to fight against COVID-19 pandemic

Small Industries Development Bank of India (Sidbi)on Friday said it has committed Rs 15 crore to PM-CARES Fund set up to fight againstthe novel coronavirus pandemic.

The prime minister has taken proactive measures to break the chain of the COVID-19 infection. We shall make efforts to remain proactively responsive, all along, SIDBI Chairman and Managing Director Mohammad Mustafa said.

The Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund was set up on March 28 to raise money for combating the coronavirus outbreak and to provide relief to the affected.

Last week, Sidbi had said it will provide loans up to Rs 50 lakh tomicro and small enterprises (MSEs) that are manufacturing medical supplies for fighting COVID-19.

The Sidbi Assistance to Facilitate Emergency (SAFE) response against coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 per cent and with a maximum loan repayment tenure of five years