The Uttar Pradesh cabinet has approved a proposal for the funding of the Gorakhpur Link Expressway project by a consortium of public sector undertaking (PSU) banks led by Punjab National Bank.
The other partner banks are Union Bank of India, Canara Bank, Indian Bank, CU Bank and Bank of India.
The Punjab National Bank will extend credit of Rs 750 crore while the total credit limit for the project approved by the cabinet is Rs 2,250 crore.
The amount will be drawn by the UP Expressway Industrial Development Authority in next three years against the requirement of the funds.
The Punjab National Bank has agreed to immediately release Rs 350 crore and the process of the formation of the consortium will take time.
