Bengaluru,NFAPost: Canara Bank, leading PSU bank in the country, announced various measures to help individual, MSME and corporate customers who are facing financial problems due to Covid-19 lockdown announced across India.
The move comes as part of Union Finance Minister Nirmala Sitharaman’s initiatives which instructed all major financial institutions to come up with customer-centric policies during the crisis situation and mitigate its impact on the Indian economy. The minister also announced various statutory and regulatory compliance relief measures amid a complete shutdown.
In a statement issued, Bengaluru headquartered bank said the bank will always be in the forefront to extend its support to its customers when they are facing a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection.
“Customers are advised to stay safe and connect to the Bank through various digital modes. Canara Bank has already announced waiver of charges for non -maintenance of minimum balance in SB accounts and waiver of ATM charges for using other bank ATMs for cash withdrawals, etc up to 30.06.2020,” states the bank
Further, Canara Bank has introduced a new loan scheme Canara Credit Support with immediate effect to support its customers to tide over the liquidity/ cash flow mismatches in the wake of disruption in business operations due to the recent outbreak of Covid 19.
Under this new scheme, Canara Credit Support – Covid 19) MSME/ Corporates/ Agri/ Business Entities/ Retail Borrowers are eligible to avail from 10% to 35% of their existing working capital or loan limit depending upon the category of borrowers on softer terms up to 30.06.2020. No additional security is required for the said facility.
As part of the initiative, Canara Bank advises customers to follow the safety norms and stay healthy. Together we can overcome Covid 19 very soon.
According to the Finance Ministry, the last date for filing belated income tax return (ITR) for the FY 2018-19 has been extended from March 31 to June 30, 2020. The deadline for filing returns of goods and services tax (GST) for March, April and May this year has also been extended till June 30. The government has also extended the last date for linking PAN card with Aadhaar from March 31 to June 30.
The finance ministry is already working an economic package to mitigate the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced setting up of a task force, to be headed by Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.