Banks sanctioned Rs 1.43 lakh crore loans under credit guarantee scheme
New Delhi, Aug 14 (KNN) Banks have sanctioned loans to Micro, Small and Medium Enterprises (MSMEs) worth Rs 1,43,318.09 crore under Emergency Credit Line Guarantee Scheme (ECLGS), said Finance Minister Nirmala Sitharaman on Friday.
"As of 12 Aug 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by #PSBs and private banks stand at Rs 1,43,318.09 crore, of which Rs 98,665.93 crore has already been disbursed," she tweeted.
"Under the 100 per cent ECLGS, the loan amounts sanctioned by Public Sector Banks increased to 74,502.85 crores, of which Rs 54,677.11 crore has been disbursed as of 12 Aug 2020," she said in another tweet.
She further informed that compared to 03 Aug 2020, there is an increase of Rs 5,731.55 crore in the cumulative amount of loans sanctioned & an increase of Rs 6,551.93 crore in the cumulative amount of loans disbursed by both PSBs and private sector banks combined as on 12 Aug 2020.
The credit given to MSMEs impacted due to COVID pandemic is part of Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi under the Aatmanirbhar Bharat campaign. The government had also launched the subordinate debt scheme last scheme to offer Rs 20,000 crore guarantee cover to 2 lakh MSMEs.
The scheme was introduced to help distressed MSME accounts or NPAs as on April 30, 2020.