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Banks disburse loans of Rs 1.58 lakh crore below Emergency Credit score Line Assure Scheme | Economic system Information

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New Delhi: Public and Non-public Sector banks have sanctioned loans price Rs 1.58 lakh crore below the 100% Emergency Credit score Line Assure Scheme (ECLGS), the Finance Ministry knowledgeable on Thursday.

Finance Minister Nirmala Sitharaman on Thursday reviewed the progress made by varied lenders below ECLGS, PCGS 2.Zero and Sub-ordinate Debt Schemes introduced as a part of the ‘Aatmnirbhar Bharat Abhiyaan’. 

An quantity of Rs 1.58 lakh crore has been sanctioned as on August 31 2020 below ECLGS, out of which greater than Rs 1.11 lakh crore has additionally been disbursed. Underneath PCGS 2.0, Bonds/CPs of Rs 25,055.5 crore have been permitted for buy by Public Sector Banks up to now, out of which Rs 13,318.5 crore amounting to greater than 53% of the portfolio pertains to Bonds/CPs rated beneath AA-, the Finance Ministry assertion mentioned.

FM Sitharaman has suggested lenders to attempt to prolong the utmost potential reduction to debtors earlier than the festive season. 

The ECLGS was introduced by the Authorities as part of Aatma Nirbhar Bharat Bundle, to mitigate the misery brought on by lockdown on account of COVID-19 by offering credit score to completely different sectors, particularly MSMEs.

The highest lenders below the Scheme are State Financial institution of India (SBI), Canara Financial institution, Punjab Nationwide Financial institution (PNB), Financial institution of India, Union Financial institution of India and HDFC Financial institution Ltd.

As a part of the Aatmanirbhar Bharat package deal, authorities had introduced its plans for Rs three lakh crore as further credit score to MSMEs and small companies. Such enterprises have been to be eligible to obtain upto 20 % of their current borrowing as further loans at rates of interest which have been capped.



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