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Loan sanctions to MSME sector rise over Rs 1 lakh cr
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SME Times News Bureau | 01 Jun, 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 June 26, 2020, public sector and
private banks have sanctioned loans worth over Rs 1 lakh crore under the
scheme, of which more than Rs 45,000 crore has already been disbursed.
There
has been a big jump in sanctions in just over a weeks time as the
amount was Rs 40,416 crore is of June 18, with disbursement of Rs
21,028.55 crore.
In a tweet, the Finance Ministry highlighted the
achievement under the scheme that has been given with combined efforts
of both private and public sector banks.
"Support to #MSMEs
"Loans worth more than Rs 1 lakh cr sanctioned in 37 days
"30 lakh+ borrowers under 100% Emergency Credit Line Guarantee Scheme(#ECLGS)
"Enabling #MSMEs to meet operational liabilities & restart their businesses," the tweet said.
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 last month.
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 sector have contributed to the
success of the ECLGS. Of the over Rs 1 lakh crore sanctions, PSBs have
sanctioned loans of Rs 57,525.47 crore whereas Private Sector Banks have
sanctioned loans of Rs 44,335.52 crore. under ECLGS. The top lenders
under the Scheme are SBI, Bank of Baroda, PNB, Canara Bank & HDFC.
The scheme would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the lockdown.
As
part of the Aatma Nirbhar 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 upto 20 per
cent of their existing borrowing as additional loans at interest rates
which were capped.
The Rs 45,860.60 crore disbursement has been
made to a wide spectrum of MSMEs covering 11,21,493 accounts. Country's
largest bank State Bank of India has been on the forefront of releasing
loans under the scheme while industries in Tamil Nadu and Maharashtra
have been the biggest beneficiaries.
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