Kolkata, Jul 2 (PTI) City-based UCO Bank said on Thursday that the liquidity in the economy is not a problem and all announcements made by the RBI and the government to tide over the present COVID-19 crisis are being implemented by the lender.

The bank has also onboarded several fin-tech companies to verify the details of loan applications, UCO Bank MD and CEO A K Goel said.

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"There is enough liquidity and it is not a problem. UCO Bank has implemented all the announcements made by RBI and the government during these challenging times," Goel said at a webinar organised by MCCI.

The Rs 20 lakh crore stimulus package includes previously announced measures to save the lockdown-battered economy, and focuses on tax breaks for small businesses as well as incentives for domestic manufacturing.

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Goel said the guaranteed emergency credit line is being given at an interest rate of 7.5 per cent to all existing customers who are seeking to avail it.

For the small and micro enterprises, the external benchmark rate has been linked to the repo rate which ensures transmission when the RBI alters it.

Regarding moratorium on repayment of loans, he said that the RBI has extended it for three months till August 2020 and it is up to the customers whether they will avail it or not. PTI dc

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)