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Banks sanction ₹1.87 lakh crore to 50.7 lakh MSMEs under credit guarantee scheme

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Of this, about 27 lakh MSME models acquired cumulative disbursement of ₹1,36,140 crore until October 5

The Finance Ministry on Thursday stated banks have sanctioned loans of about ₹1,87,579 crore to 50.7 lakh enterprise models under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector impacted by slowdown attributable to the coronavirus pandemic.

Of this, about 27 lakh MSME models acquired cumulative disbursement of ₹1,36,140 crore until October 5.

The scheme is the most important fiscal part of the ₹20-lakh crore Aatmanirbhar Bharat Abhiyan bundle introduced by Finance Minister Nirmala Sitharaman in May to mitigate the misery attributable to lockdown due to COVID-19 by offering credit to totally different sectors, particularly micro, small and medium enterprises (MSMEs).

The newest numbers on ECLGS, as launched by the finance ministry, comprise disbursements by all 12 public sector banks (PSBs), 24 personal sector banks and 31 non-banking monetary corporations (NBFCs).

“As of 5 Oct 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs, private banks & NBFCs to #MSMEs & individuals stands at ₹1,87,579 crore, of which ₹1,36,140 crore has already been disbursed,” the Finance Minister stated in a tweet.

The mortgage quantities sanctioned by PSBs elevated to ₹81,648.82 crore, of which ₹68,814.43 crore has been disbursed as of October 5, she stated.

At the identical time, personal sector banks have sanctioned ₹86,576 crore of loans and disbursed ₹59,740 crore, whereas NBFCs sanctioned ₹3,032 crore with disbursement of ₹2,227 crore.

“The ambit of the Scheme was expanded to include MSMEs with turnover of up to ₹250 crore & individuals for business purposes. As of 05 Oct 2020, ₹17,460 crore of loans to individuals have been sanctioned, of which ₹5,939 crore has been disbursed,” she stated.

In one other tweet, she stated as many as 33 stranded housing tasks with funding of ₹4,197 crore had been accorded last approval under the SWAMIH scheme.

“Special window for Affordable & Mid Income Housing Fund (SWAMIH) is working at a fast pace to provide relief to homeowners. As on 05.10.2020, 33 projects with investment of ₹4,197 crore accorded final approval & will lead to completion of 25,048 home units,” the Finance Minister stated in tweet.

Overall, 123 tasks have now been sanctioned, together with last approval to 33 tasks, with an funding of ₹12,079 crore that will goal to present aid to 81,308 householders, she stated.

On May 20, the Cabinet accepted further funding of up to ₹3 lakh crore at a concessional charge of 9.25% by ECLGS for MSME sector.

Under the scheme, 100% guarantee protection might be supplied by the National Credit Guarantee Trustee Company (NCGTC) for extra funding of up to ₹3 lakh crore to eligible MSMEs and Micro Units Development and Refinance Agency (MUDRA) debtors within the type of a assured emergency credit line (GECL) facility.

For this objective, a corpus of ₹41,600 crore was arrange by the federal government, unfold over the present and subsequent three monetary years.

The scheme might be relevant to all loans sanctioned under GECL facility in the course of the interval from the date of announcement of the scheme to October 31 or until the quantity of ₹3 lakh crore is sanctioned under GECL, whichever is earlier.



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