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MSME loans sanctioned under ECLGS reach Rs 1.20 lakh cr
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SME Times News Bureau | 11 Jul, 2020
The government is going all out
to ensure that liquidity concerns of the MSME sector are addressed on
priority under its Emergency Credit Line Guarantee Scheme (ECLGS).
As
of July 9, 2020 public sector and private banks have sanctioned loans
worth over Rs 1.20 lakh crore under the 100 per cent Emergency Credit
Line Guarantee Scheme, of which close to Rs 62,000 crore has already
been disbursed.
There has been a big jump in sanctions in the
last couple of weeks and just in last five days up to July 9 sanctions
have increased by close to Rs 5,500 crore while disbursement has
increased by about Rs 6,000 crore.
In a tweet, office of finance
minister Nirmala Sitharaman said: "As of 9 July 2020, the total amount
sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme
by #PSBs and private banks stands at Rs 1,20,099.37 crore, of which Rs
61,987.90 crore has already been disbursed."
The ECLGS scheme is
the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India
Mission package announced by Finance Minister Nirmala Sitharaman in May.
To
ensure that the scheme achieve its objective of providing adequate
liquidity to the MSME segment during the current difficult period, the
finance ministry has regularly held meetings with the banks.
A
finance ministry statement said that banks from both public and private
sectors have contributed to the success of the ECLGS. Loan amounts
sanctioned by Public Sector Banks increased to Rs 68,145.40 crore, of
which Rs 38,372.88 crore has been disbursed as of July 9.
Similarly, private banks sanctioned loans to the tune of Rs 51,953.97 crore while disbursed Rs 23,615.02 crore.
The scheme would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the lockdown.
As
part of the Aatmanirbhar package, the government had announced its
plans for Rs 3 lakh Crore as additional credit to MSMEs and small
businesses. Such enterprises were to be eligible to receive up to 20 per
cent of their existing borrowing as additional loans at interest rates
which were capped.
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