NPA percentage under ECLGS stood at 3.9% of loan guaranteed: MoS Finance Bhagwat Karad
2 years ago

NPA percentage under ECLGS stood at 3.9% of loan guaranteed: MoS Finance Bhagwat Karad

The Hindu  

The percentage of Non-Performing Assets of loan accounts under the ECLGS stood at ₹13,964.58 crore, or 3.89% of the loan guaranteed, Parliament was informed on Monday. Replying to a question, Minister of State for Finance Bhagwat Karad said the Emergency Credit Line Guarantee Scheme introduced in May 2020 as part of Aatmanirbhar Bharat Abhiyaan, had benefited 1.19 crore borrowers with guarantee amounting to ₹3.58 lakh crore as on November 30, 2022. The admissible guarantee limit under the scheme has been increased from ₹4.5 lakh crore to ₹5 lakh crore, with the additional guarantee cover of ₹50,000 crore earmarked exclusively for the hospitality and related enterprises including the civil aviation sector. “For this category of borrowers, the ECLGS scheme was an ‘opt out’ scheme, i.e., eligible support was to be provided by the lenders to such category of eligible borrowers, unless the MSME borrowers decided not to avail the support or were ineligible,” he said.

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History of this topic

MUDRA loan limit hike, credit guarantee scheme for MSMEs
5 months ago

MUDRA loan limit hike, credit guarantee scheme for MSMEs

New Indian Express  

NEW DELHI: In their efforts to revitalise the ailing MSME sector, the backbone of the Indian economy and creator of crores of jobs, the NDA government has come up with a slew of reforms. Finance Minister Nirmala Sitharaman on Tuesday informed that the government is increasing the limit for MUDRA loans for Micro, Small and Medium Enterprises from Rs 10 …

FIEO seeks support for MSME exporting units
1 year, 2 months ago

FIEO seeks support for MSME exporting units

The Hindu  

The Federation of Indian Export Organisations has sought extension of the Emergency Credit Linked Guarantee Scheme till the end of March next year. In a meeting with Union Finance Minister Nirmala Sitharaman recently, FIEO president A. Sakthivel said the scheme that was introduced during the spread of COVID-19 was helpful to the Micro, Small and Medium-scale Enterprises. Hence, the scheme …

Sitharaman to meet heads of banks on Feb 22; on credit scheme for MSMEs: Report
1 year, 10 months ago

Sitharaman to meet heads of banks on Feb 22; on credit scheme for MSMEs: Report

Hindustan Times  

The finance ministry has called a meeting of heads of public sector banks and top four private sector lenders to review the progress of the emergency credit line guarantee scheme to help businesses affected by COVID-19. ECLGS was announced as part of the Atmanirbhar Bharat Package in May 2020 with the objective to help businesses including MSMEs to meet their …

Farm loans to get 1.5 per cent interest relief
2 years, 4 months ago

Farm loans to get 1.5 per cent interest relief

Deccan Chronicle  

New Delhi/Chennai: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved interest subvention of 1.5 per cent per annum on short-term agriculture loan for all financial institutions lending up to Rs 3 lakh to the farmers. Briefing the media after the Cabinet meeting, Union information and broadcasting minister Anurag Thakur said, "the interest subvention of 1.5 per …

Cabinet clears ₹50,000-crore boost for hospitality sector
2 years, 4 months ago

Cabinet clears ₹50,000-crore boost for hospitality sector

Hindustan Times  

New Delhi: The Union Cabinet on Wednesday enhanced the corpus of sovereign-guaranteed credit facility for small enterprises, Emergency Credit Line Guarantee Scheme, from ₹4.5 lakh crore to ₹5 lakh crore, exclusively for the hospitality sector. Union finance minister Nirmala Sitharaman in her Budget speech this year announced that the scheme for micro, small medium enterprises will be extended by one …

Budget 2022: Govt's big emergency credit push | Top points
2 years, 10 months ago

Budget 2022: Govt's big emergency credit push | Top points

India Today  

Finance Minister Nirmala Sitharaman in her Budget 2022 speech on Tuesday announced that the Emergency Credit Line Guarantee Scheme that provided much needed additional credit to over 1.3 crore MSMEs will be extended till March 2023. Considering these aspects, the ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to …

Union Budget 2022: Nirmala Sitharaman extends ECLGS till March 2023; here’s what you need to know about Centre’s relief scheme
2 years, 10 months ago

Union Budget 2022: Nirmala Sitharaman extends ECLGS till March 2023; here’s what you need to know about Centre’s relief scheme

Firstpost  

The Emergency Credit Line Guarantee Scheme was formulated to mitigate the stress caused by the COVID-19 pandemic on several sectors across the country Finance Minister Nirmala Sitharaman on Tuesday announced that the Centre would further extend the Emergency Credit Line Guarantee Scheme till March 2023, with an expanded guarantee cover of Rs 5 lakh crore. News agency PTI quoted her …

Budget 2022: Govt extends ECLGS scheme till March 2023, guarantee cover expanded
2 years, 10 months ago

Budget 2022: Govt extends ECLGS scheme till March 2023, guarantee cover expanded

News 18  

Finance minister Nirmala Sitharaman in her Budget 2022 has announced that the ECLGS scheme will be extended till March 2023. In order to support Covid-hit MSMEs further, the government in September had announced an extension of its Emergency Credit Line Guarantee Scheme till 31 March, 2022, or till guarantees for an amount of Rs 4.5 lakh crore are issued under …

ECLGS extension to benefit more MSMEs in Coimbatore district
3 years, 2 months ago

ECLGS extension to benefit more MSMEs in Coimbatore district

The Hindu  

The Central government’s decision to extend the Emergency Credit Line Guarantee Scheme till March 2022 is expected to benefit the Micro, Small and Medium-scale Enterprises in the district. Ramesh Babu said the association had sought extension of the scheme till March 2022. However, J. James, president of the Tamil Nadu Association of Cottage and Tiny Enterprises, said several micro and …

₹60,000-crore loan guarantee scheme for COVID-hit sectors yet to take off
3 years, 4 months ago

₹60,000-crore loan guarantee scheme for COVID-hit sectors yet to take off

The Hindu  

A ₹60,000-crore loan guarantee scheme for helping sectors hit the hardest by COVID-19 is yet to get off the ground, 52 days after it figured at the top of an economic relief package to cope with the second wave’s shocks. This proposed credit support was part of a new ₹1.1 lakh crore loan guarantee scheme for COVID-affected sectors, announced on …

FM Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors
3 years, 5 months ago

FM Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors

India Today  

Finance Minister Nirmala Sitharaman on Monday announced a credit guarantee scheme worth Rs 1.1 lakh crore for Covid-affected sectors. READ: Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements She also said that the interest rate on the new credit guarantee scheme is two per cent below the RBI prescribed rate, with a loan duration of …

Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements
3 years, 5 months ago

Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements

India Today  

Union Finance Minister Nirmala Sitharaman held a press conference on Monday to announce a Rs 6.28 lakh crore stimulus package. Expansion of healthcare infrastructure Sitharaman said apart from the credit guarantee scheme for the healthcare sector, an amount of Rs 23,220 crore has been earmarked for expansion of medical infrastructure for one year. Rs 1.1 lakh crore loan guarantee scheme …

Oxygen generation: Finance Ministry enlarges scope of credit scheme for setting up plants
3 years, 6 months ago

Oxygen generation: Finance Ministry enlarges scope of credit scheme for setting up plants

The Hindu  

The Centre on Sunday enlarged the scope of the Emergency Credit Line Guarantee Scheme to cover loans up to ₹2 crore for setting up on-site oxygen generation plants at healthcare facilities and brought in the ailing civil aviation sector under its ambit. Last week, CII president Uday Kotak had also urged the government to expand the ECLGS to around ₹5 …

91 lakh guarantees issued till Jan 25 under ECLG scheme: Nitin Gadkari
3 years, 10 months ago

91 lakh guarantees issued till Jan 25 under ECLG scheme: Nitin Gadkari

Live Mint  

MSME Minister Nitin Gadkari on Monday said under the Emergency Credit Line Guarantee Scheme, around 91 lakh guarantees have been issued till January 25 this year. In a written reply to the Rajya Sabha, he said during the current financial year, a total number of 31,923 units were setup under the ongoing Prime Minister Employment Generation programme and 5,21,746 guarantees …

Banks Sanctions Rs 1.86 Lakh Cr to 50 Lakh MSMEs Under Credit Guarantee Scheme
4 years, 2 months ago

Banks Sanctions Rs 1.86 Lakh Cr to 50 Lakh MSMEs Under Credit Guarantee Scheme

News 18  

The Finance Ministry on Thursday said banks have sanctioned loans of about Rs 1.86 lakh crore to 50 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector, impacted by slowdown due to the coronavirus pandemic. "As reported on 29.09.2020, by 12 Public Sector Banks, top 24 Private Sector Banks & 31 NBFCs, …

Banks sanctioned ₹1.5 lakh crore easy loans to small enterprises
4 years, 4 months ago

Banks sanctioned ₹1.5 lakh crore easy loans to small enterprises

Hindustan Times  

Commercial banks have sanctioned ₹1.5 lakh crore and disbursed two-third of the amount among small enterprises and individual professionals under the ₹3 lakh crore emergency working loan facility to help them tide over the crisis triggered by the Covid-19 pandemic, an official statement said on Thursday. The top lenders under the Emergency Credit Line Guarantee Scheme are State Bank of …

Credit guarantee extended to larger firms, self-employed
4 years, 4 months ago

Credit guarantee extended to larger firms, self-employed

The Hindu  

The Centre has expanded its credit guarantee scheme for micro, small and medium enterprises to cover loans given to larger firms, as well as to self-employed people and professionals who have taken loans for business purposes, Finance Minister Nirmala Sitharaman said on Saturday. ₹87,000 crore disbursed So far, banks have approved ₹1.36 lakh crore worth of loans to 40 lakh …

Govt Widens Ambit of Rs 3 Lakh Crore MSME Credit Guarantee Scheme
4 years, 4 months ago

Govt Widens Ambit of Rs 3 Lakh Crore MSME Credit Guarantee Scheme

News 18  

The government on Saturday widened the scope of the Rs 3-lakh crore MSME credit guarantee scheme by doubling the upper ceiling of loans outstanding to Rs 50 crore and including certain individual loans given to professionals like doctors, lawyers and chartered accountants for business purposes under its ambit. The finance minister said that the intended changes are likely to expand …

PSBs sanction ₹19,668 cr loans to 71 MSME hubs under credit guarantee scheme
4 years, 5 months ago

PSBs sanction ₹19,668 cr loans to 71 MSME hubs under credit guarantee scheme

Live Mint  

The Finance Ministry on Friday said public sector banks have sanctioned ₹19,668.87 crore to 71 MSME hubs across the country under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme. "As of July 15, #PSBs have sanctioned loans worth ₹19,668.87 crore for 71 #MSME hubs in 27 States/UTs under the 100% Emergency Credit Line Guarantee Scheme, of which ₹12,871.50 crore has …

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