Coronavirus Lockdown: Cabinet approves Rs 3 lakh cr emergency credit line for MSME; loans at 9.25% rate
4 years, 7 months ago

Coronavirus Lockdown: Cabinet approves Rs 3 lakh cr emergency credit line for MSME; loans at 9.25% rate

Firstpost  

The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme for the MSME sector hit hard by the coronavirus crisis New Delhi: The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 percent through the Emergency Credit Line Guarantee Scheme for the MSME sector hit hard by the coronavirus crisis. Under the scheme, 100 percent guarantee coverage will be provided by National Credit Guarantee Trustee Company for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a guaranteed emergency credit line facility, an official statement said. Cabinet approves addl funding of up to Rs 3 lk cr to eligible MSMEs & MUDRA borrowers by way of ‘emergency credit line guarantee scheme’ pic.twitter.com/MWGPACt4ZW — CNBC-TV18 May 20, 2020 For this purpose, a corpus of Rs 41,600 crore shall be provided by the Government of India spread over the current and the next three financial years, it said. The scheme aims at mitigating the economic distress being faced by about 45 lakh MSMEs by providing them additional funding of up to Rs 3 lakh crore in the form of a fully guaranteed emergency credit line.

Funding Crore Cabinet Lakh Line Scheme Msme Additional Guarantee Rs 3 Lakh Ncgtc Eclgs Emergency Credit Gecl Gecl Funding  loans  gecl  crore  guarantee  additional  line  lakh  lockdown  msme  emergency  credit  funding  rate  rs  cr  scheme

History of this topic

Government to soon launch new credit guarantee scheme for MSME sector up to ₹100 crore
1 day, 5 hours ago

Government to soon launch new credit guarantee scheme for MSME sector up to ₹100 crore

The Hindu  

Financial Services Secretary M Nagaraju on Thursday said the government would soon launch a new credit guarantee scheme for the MSME sector covering loans up to ₹100 crore. "We are likely to come up with a scheme, which was announced by Finance Minister in her last Budget, that could provide loans up to ₹100 crore without guarantee, if they are …

MUDRA loan limit hike, credit guarantee scheme for MSMEs
5 months, 2 weeks 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, 3 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 …

Revamped credit scheme to provide additional collateral-free credit for MSMEs
1 year, 11 months ago

Revamped credit scheme to provide additional collateral-free credit for MSMEs

Live Mint  

With her fifth budget, Finance Minister Nirmala Sitharaman proposed a special focus on the Micro, Small, and Medium Enterprises sector in the Union Budget 2023. The finance minister announced a revamped credit guarantee scheme to provide MSMEs with more collateral-free credit. According to the FM, the updated Credit Guarantee Scheme for MSMEs would go into operation on April 1, 2023, …

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 …

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, 11 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 …

Budget 2022: Govt extends ECLGS scheme for MSMEs till March 2023
2 years, 11 months ago

Budget 2022: Govt extends ECLGS scheme for MSMEs till March 2023

India TV News  

Highlights FM Sitharaman said guarantee cover under ECLGS has been expanded by Rs 50,000 crore to Rs 5 lakh cr The additional amount under ECLGS will be exclusively earmarked for hospitality & related segment The scheme has provided much needed additional credit to over 1.3 crore MSMEs The Emergency Credit Line Guarantee Scheme that provided much needed additional credit 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, 11 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, 11 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 …

Steps should be taken in Budget to ensure hassle-free credit to MSMEs: PHD Chamber
2 years, 11 months ago

Steps should be taken in Budget to ensure hassle-free credit to MSMEs: PHD Chamber

Deccan Chronicle  

New Delhi: Steps should be taken in the upcoming Union Budget to ensure hassle-free credit availability to industry, particularly for MSMEs, and reduce the costs of doing business, said Pradeep Multani, President, PHD Chamber of Commerce and Industry. PHD Chamber President suggested for extension in the timeline of the Emergency Credit Line Guarantee Scheme for another year till 31st March …

ECLGS extension to benefit more MSMEs in Coimbatore district
3 years, 3 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 …

Nirmala Sitharaman announces new COVID-19 stimulus measures: From Rs 23,220 cr for public health to free 5 lakh tourist visas, key highlights
3 years, 6 months ago

Nirmala Sitharaman announces new COVID-19 stimulus measures: From Rs 23,220 cr for public health to free 5 lakh tourist visas, key highlights

Firstpost  

Nirmala Sitharaman press latest news: conference Key highlights: Today finance minister has announced, From Rs 23,220 cr for public health to free 5 lakh tourist visas, FM announces 8 major relief measures to boost COVID-affected sectors Addressing a press conference on Monday, Union finance minister Nirmala Sitharaman announced a slew of relief measures including an Rs 1.1 lakh crore loan …

FM Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for Covid-hit sectors
3 years, 6 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, 6 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, 7 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, 11 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 …

Approval of Vaccine Lends Strength to Optimism, India Witnessing V-shaped Recovery: FinMin Report
4 years ago

Approval of Vaccine Lends Strength to Optimism, India Witnessing V-shaped Recovery: FinMin Report

News 18  

Approval of the long-awaited COVID-19 vaccine provides strength to the optimism on health and economic fronts, the Finance Ministry said in its monthly economic report. “The effective management of COVID-19 spread despite the festive season and onset of the winter season, combined with sustained improvement in high-frequency indicators and V-shaped recovery along with easing of lockdown restrictions distinguish Indian economy …

Banks Sanctions Rs 1.86 Lakh Cr to 50 Lakh MSMEs Under Credit Guarantee Scheme
4 years, 3 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, 5 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, 5 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 …

Eligible MSMEs to get offer of pre-approved loan under relief package
4 years, 7 months ago

Eligible MSMEs to get offer of pre-approved loan under relief package

The Hindu  

Eligible MSME borrowers will get an offer from their lending institutions for a pre-approved loan under the ₹3 lakh crore scheme announced for micro, small and medium enterprises to help them deal with the impact of COVID-19. As per a set of FAQs, GECL is a loan for which 100% guarantee would be provided by National Credit Guarantee Trustee Company …

Loans to MSMEs may get ‘risk-free’ tag
4 years, 7 months ago

Loans to MSMEs may get ‘risk-free’ tag

The Hindu  

The Reserve Bank of India is likely to allow banks to assign zero risk weight for loans that will be extended to the micro, medium and small enterprises under the ₹20 lakh crore economic package announced by the government earlier this month. After banks highlighted the issue with the government, the Finance Ministry asked the RBI to waive the requirement …

Bank of Baroda to offer up to Rs 12 thousand crore loans to MSMEs under credit guarantee scheme
4 years, 7 months ago

Bank of Baroda to offer up to Rs 12 thousand crore loans to MSMEs under credit guarantee scheme

India TV News  

State-run Bank of Baroda on Saturday said it can offer up to Rs 12,000 crore in loans to MSMEs under the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme announced by the government. Last week, Finance Minister Nirmala Sitharaman had announced a 100 per cent credit guarantee scheme worth Rs 3 lakh crore to support the medium, small and …

It’s only a pause, more steps to come to deal with covid-19 crisis: Anurag Thakur
4 years, 7 months ago

It’s only a pause, more steps to come to deal with covid-19 crisis: Anurag Thakur

Live Mint  

The government has only taken a pause and more measures will be announced in the days to come to help sectors hit by the coronavirus outbreak and also to make India ‘Atmanirbhar Bharat’, Minister of State for Finance Anurag Thakur said. Only this Sunday, he said, the government on the direction of Prime Minister Narendra Modi announced a comprehensive economic …

Coronavirus package | Centre throws open all sectors to private players
4 years, 7 months ago

Coronavirus package | Centre throws open all sectors to private players

The Hindu  

The Centre has agreed to demands from States to hike their borrowing limits from 3% to 5% of their GDP in light of the COVID-19 crisis, but on the condition that they implement specific reforms. The fifth and final tranche of the Atmanirbhar Bharat Abhiyan stimulus package, announced by Finance Minister Nirmala Sitharaman on Sunday, also included an additional ₹40,000 …

Coronavirus lockdown | Fifth tranche of economic package focusses on reforms, says Nirmala Sitharaman
4 years, 7 months ago

Coronavirus lockdown | Fifth tranche of economic package focusses on reforms, says Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on Sunday said reforms will be the focus of the fifth and final tranche of economic stimulus package to deal with the economic fallout of the COVID-19 pandemic. “Further, 0.50 per cent if milestones are achieved in at least three out of four reform areas.” Stimulus package includes ₹8 lakh cr liquidity measures by RBI Ms. …

Coronavirus package | How will the COVID-19 relief for MSMEs help?
4 years, 7 months ago

Coronavirus package | How will the COVID-19 relief for MSMEs help?

The Hindu  

The story so far: In his address to the nation, his third, on May 12, Prime Minister Narendra Modi announced a ₹20-lakh crore economic relief package titled Atmanirbhar Bharat Abhiyan. A total of ₹20,000 crore will be funnelled through the Credit Guarantee Fund Trust for Micro and Small Enterprises whereby banks will lend money to promoters which can be infused …

Bankers welcome economic package announced by govt, say will encourage lending to MSMEs
4 years, 7 months ago

Bankers welcome economic package announced by govt, say will encourage lending to MSMEs

Firstpost  

The various initiatives announced by the government on Wednesday to support micro, small and medium enterprises will encourage banks to lend more to the sector, bankers said Mumbai: The various initiatives announced by the government on Wednesday to support micro, small and medium enterprises will encourage banks to lend more to the sector, bankers said. “The measures for MSME through …

FM Nirmala Sitharaman announces collateral free automatic loans for MSMEs
4 years, 7 months ago

FM Nirmala Sitharaman announces collateral free automatic loans for MSMEs

India TV News  

As the country battles coronavirus pandemic, Finance Minister Nirmala Sitharaman has announced Rs 3 lakh crores collateral-free automatic loans for Micro Small Medium Enterprises sector. Her press conference came a day after PM Narendra Modi announced stimulus package of Rs 20 lakh crore to rejuvenate Indian economy battered badly due to coronavirus pandemic. Check out details of the announcement made …

Coronavirus package | Nirmala Sitharaman announces major stimulus package for MSMEs
4 years, 7 months ago

Coronavirus package | Nirmala Sitharaman announces major stimulus package for MSMEs

The Hindu  

Union Finance Minister Nirmala Sitharaman on Wednesday announced a ₹3 lakh crore collateral free loan scheme for businesses, especially micro, small and medium enterprises, as part of a ₹20-lakh-crore economic stimulus package to deal with the COVID-19 pandemic. Srivastava estimated that the measures announced on Wednesday amounted to ₹5.94 lakh crore, which include both liquidity financing measures and credit guarantees, …

Payment of wages by MSMEs: Govt mulls credit guarantee scheme for loans
4 years, 8 months ago

Payment of wages by MSMEs: Govt mulls credit guarantee scheme for loans

India TV News  

As part of a stimulus package for the coronavirus-hit economy, the government is working on a credit guarantee scheme to enable banks to provide additional 10-15 per cent working capital to MSMEs for payment of wages, sources said. Currently, banks are offering an extra line of credit of 10 per cent based on working capital limits, which the government intends …

EU agrees first part of coronavirus economic rescue, but job not done yet
4 years, 8 months ago

EU agrees first part of coronavirus economic rescue, but job not done yet

The Hindu  

Euro zone governments gave their final approval on Friday to the first part of a 540 billion-euro rescue plan for states hit hard by the coronavirus pandemic, although other elements of the rescue package have yet to be agreed on. Finance ministers of the 19-nation region signed off on the details of cheap, long-term credit lines that will be made …

IBA urges govt, RBI to double moratorium period to 6 months; seeks credit guarantee for MSME loans
4 years, 8 months ago

IBA urges govt, RBI to double moratorium period to 6 months; seeks credit guarantee for MSME loans

Firstpost  

Bankers believed that some safety net has to be created for both industry and banks for survival first, sources said, adding, revival would follow. Some of the key recommendations included blanket credit guarantee for MSME loans, one-time loan restructuring for sectors hit hard by COVID-19 and raising of moratorium and relief for the NBFC sector, sources said. Based on the …

Coronavirus Outbreak: Bank of Baroda will provide financial support to women SHGs, FPOs
4 years, 9 months ago

Coronavirus Outbreak: Bank of Baroda will provide financial support to women SHGs, FPOs

Firstpost  

State-run Bank of Baroda on Tuesday said it will provide financial assistance of up to Rs 1 lakh to women self-help groups to help meet their funding demand amid the COVID-19 crisis Mumbai: State-run Bank of Baroda on Tuesday said it will provide financial assistance of up to Rs 1 lakh to women self-help groups to help meet their funding …

Coronavirus Outbreak: Most private banks go for 'opt-in' option on loan repayment moratorium
4 years, 9 months ago

Coronavirus Outbreak: Most private banks go for 'opt-in' option on loan repayment moratorium

Firstpost  

Most of the private sector lenders have decided to go for the “opt-in” option on loan repayment moratorium, putting the onus on the customer to take the initiative of informing the bank of their choice to go for the three-month breather offered by the Reserve Bank of India Mumbai: Most of the private sector lenders have decided to go for …

Coronavirus | Centre rolls out ₹1.7-lakh-crore lockdown package
4 years, 9 months ago

Coronavirus | Centre rolls out ₹1.7-lakh-crore lockdown package

The Hindu  

The Union government on Thursday announced a ₹1.7 lakh crore package in response to the COVID-19 pandemic and countrywide lockdown, providing free food and cash transfers to support the poorest citizens who are most vulnerable during the crisis. The food grain ration for 80 crore poor people would be doubled for the next three months, supplemented by a kg of …

SBI moves to extend emergency credit line
4 years, 9 months ago

SBI moves to extend emergency credit line

Live Mint  

India’s largest lender State Bank of India on Friday decided to extend an emergency credit line to eligible corporate borrowers and small businesses to meet their liquidity needs in the wake of the Covid-19 pandemic, according to a document seen by Mint. The document, an internal SBI circular issued on Friday, said that the Covid-19 emergency credit line will be …

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