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ECLGS: Banks sanction Rs 1.77 lakh cr to MSMEs
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SME Times News Bureau | 24 Sep, 2020
Banks have so far sanctioned over Rs 1.77 lakh crore to MSMEs under the
Emergency Credit Line Guarantee Scheme (ECLGS), it was announced on
Thursday.
In a series of tweets on the progress of the scheme,
the office of Finance Minister Nirmala Sitharaman said that out of the
total sanctioned amount, over Rs 1.25 lakh crore has already been
disbursed.
"As of 21 Sept 2020, the total amount sanctioned
under the 100 per cent Emergency Credit Line Guarantee Scheme by PSBs
and private banks to MSMEs and individuals stands at Rs 1,77,353 crore,
of which Rs 1,25,425 crore has already been disbursed," it said.
In
another tweet, the Minister's office said that compared to September 3,
there is an increase of Rs 16,335.32 crore in the cumulative amount of
loans sanctioned and an increase of Rs 11,711.85 crore in the cumulative
amount of loans disbursed by both public sector banks and private
sector banks combined as on September 21.
Under the scheme, the
loan amounts sanctioned by public sector banks increased to Rs 79,347.73
crore, of which Rs 65,051.89 crore has been disbursed.
The
ambit of the scheme was expanded to include MSMEs with turnover of up to
Rs 250 crore and individuals for business purposes.
"As of Sept
21, 2020, Rs 9,849.74 crore of loans to individuals have been
sanctioned, of which Rs 2,617.08 crore has been disbursed," said another
tweet.
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