Dear Sirs / Madams,
1. Refinance Scheme for Payment of Wages and Salaries to the Workers and Employees of Business Concerns
2. Islamic Refinance Scheme for Payment of Wages and Salaries to the Workers and Employees of Business Concerns
Please refer to IH&SMEFD Circular Nos. 06 and 07 of 2020 and other instructions issued from time to time on the captioned Schemes.
2. In the light of feedback from the stakeholders and with a view to provide further support to the businesses to help them avoid laying off of their workers and employees, State Bank has decided to extend validity of the schemes from June 30, 2020 to September 30, 2020. Hence, the businesses will now be able to avail facility to cover wages of three more months. Further, in order to encourage those businesses who have met the terms and conditions of the scheme but could not avail this facility, will also be allowed to apply for 6 months salaries and wages including reimbursement for the months of April, May, and June 2020.
3. Financing limits for the months of July to September, 2020 will be calculated on the same basis on which limits were allowed for the months of April to June, 2020.
4. All other terms and conditions of the Schemes shall remain unchanged.