Banks make a beeline at Covid vaccine makers' doorstep to offer loans

Amid feeble credit offtake due to local lockdowns this year, lenders sanction Rs 6,000-crore line of credit to SII

Commercial banks are rushing to coronavirus vaccine manufacturers to offer them funds after the Reserve Bank of India (RBI) opened a liquidity tap of Rs 50,000 crore last week, which is available ‘on-tap’ for the lenders for on-lending to the healthcare sector.

According to banking industry sources, a host of commercial banks – both public sector and private sector – have sanctioned a line of credit to the tune of Rs 6,000 crore to Pune-based Serum Institute of India (SII) – the largest vaccine producer of the world, which is manufacturing Covishield vaccine. Sources indicate that SII has drawn Rs