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ECLGS 2.0 now covers SMA-1 borrowers
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SME Times News Bureau | 06 Apr, 2021
Expanding the scope of Emergency Credit Line Guarantee Scheme (ECLGS)
2.0, the government has said that Special Mention Accounts-1 (SMA) will
now be eligible for credit under the scheme.
"Scope of ECLGS 2.0
expanded! SMA-1 borrowers in the healthcare sector and 26 other high
stress sectors (as identified by the Kamath Committee) are now eligible
under ECLGS 2.0," the Department of Financial Services (DFS) said in a
tweet.
Special Mention Account (SMA) is an account which is
exhibiting signs of incipient stress resulting in the borrower
defaulting in timely servicing of his/her debt obligations, though the
account has not yet been classified as an NPA as per RBI guidelines. In
the case of SMA-1, the overdue period is between 31 to 60 days.
As
per the latest note on Frequently Asked Questions (FAQs) on the scheme,
it comprises all MSME borrower accounts with combined outstanding loans
across all MLIs (member lending institution) of up to Rs 50 crore in
any sector and up to Rs 500 crore in respect of borrowers in the
hospitality sector, travel and tourism sector and leisure and sporting
sector and classified as regular, SMA-0 or SMA-1 as on February 29,
2020.
"All MSME borrower accounts in the 26 sectors identified by
the Kamath Committee on Resolution Framework in its report of September
04, 2020 and the Healthcare sector having combined outstanding loans
across all MLIs above Rs 50 crore and not exceeding Rs 500 crore and
classified as regular, SMA-0 or SMA-1 as on 29.2.2020," it said.
The
scheme was launched last year amid the pandemic to provide 100 per cent
guaranteed coverage to banks and NBFCs to enable them to extend
emergency credit facilities to MSMEs and other eligible businesses to
meet their additional working capital requirements.
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