BoB allots Rs 500 cr to Serum after RBI liquidity tap for healthcare firms

SBI, HDFC Bank among lenders gearing up to support companies involved in mitigating Covid-19 outbreak.

Banks have changed gear to cater to healthcare after the Reserve Bank of India on Wednesday opened a Rs 50,000 crore liquidity tap exclusively for companies involved in providing vaccine, oxygen, ventilator etc as the country fights a ferocious second wave of Covid-19 pandemic.

At least one lender, Bank of Baroda (BoB), has sanctioned Rs 500 crore to Serum Institute of India (SII),– which is producing Covishield, the vaccine against coronavirus infection.

State Bank of India (SBI), the country’s largest lender, has sanctioned a credit line to Bharat Biotech, which produces the Covaxin inoculation, recently, a top bank official said,