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Rs 68,311 cr loans sanctioned under ECLGS to MSMEs
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SME Times News Bureau | 17 Jul, 2020
Banks have so far disbursed over Rs 68,000 crore so far under the
Emergency Credit Line Guarantee Scheme to MSMEs and other eligible
businesses.
As of Wednesday, July 15, both public and private sector banks have sanctioned a total of over Rs 1.23 lakh crore.
"As
of 15 July 2020, the total amount sanctioned under the 100 per cent
Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands
at Rs 1,23,345.16 crore, of which Rs 68,311.55 crore has already been
disbursed," said a tweet by Finance Minister Nirmala Sitharaman's
office.
Compared to July 9, there is an increase of Rs 3,245.79
crore in the cumulative amount of loans sanctioned and an increase of Rs
6,323.65 crore in the cumulative amount of loans disbursed, by both
PSBs and private sector banks combined.
The loan amounts
sanctioned by public sector banks increased to Rs 69,135.19 crore, of
which Rs 41,819.19 crore has been disbursed as of July 15, said another
tweet.
To provide relief to the businesses, additional working
capital finance of 20 per cent of the outstanding credit as on February
29, in the form of a term loan at a concessional rate of interest is
provided under the scheme. This would be available to units with upto Rs
25 crore outstanding and turnover of up to Rs 100 crore whose accounts
are standard.
The units will not have to provide any guarantee or
collateral of their own. The amount will be 100 per cent guaranteed by
the government, providing a total liquidity of Rs 3 lakh crore to more
than 45 lakh MSMEs.
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