Over Rs 92,000 crore disbursed under 100 per cent ECLG Scheme by Public & private banks: FM

Finance minister Nirmala Sitharaman yesterday said, over Rs 92,000 crore have already been disbursed under 100 per cent Emergency Credit Line Guarantee (ECLG) Scheme by Public and private sector banks as of Monday.

Finance Minister Nirmala Sitharaman's Office in a tweet yesterday said, "As of 03 Aug 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,37,586.54 crore, of which Rs 92,090.24 crore has already been disbursed. Here is the break-up: #AatmanirbharBharat #MSMEs"

Government has sanctioned a total Rs 1,37,586 crore. The Scheme would apply to all loans sanctioned under ECLG during the period from May 23, 2020, to October 31, 2020, or till an amount of Rs 3 lakh crore is sanctioned.

In another tweet, the finance minister's office added, "Under the 100% ECLGS, the loan amounts sanctioned by Public Sector Banks increased to Rs 72,820.26 crore, of which Rs 52,013.73 crore has been disbursed as of 03 Aug 2020. Here are the bank-wise & State-wise details: #AatmanirbharBharat #MSMEs"

The scheme was announced to mitigate the economic distress caused by COVID-19 and the consequent lockdown, and to provide additional credit to the MSMEs and Business Enterprises to meet their operational liabilities and revive their businesses.