A- A A+
Last Updated : Jun 4 2020 9:23PM     Screen Reader Access
News Highlights
PM Modi addresses virtual Global Vaccine Summit; pledges USD 15 million to international vaccine alliance, GAVI            India, Australia elevate their partnership to Comprehensive Strategic partnership            India's role in Indo-Pacific region critical in the years ahead says Australian PM            Recovery rate of COVID-19 cases improves to around 48 % in country            Govt bans 960 blacklisted foreign nationals from traveling to India for 10 years           

National News

May 20, 2020
10:01PM

Cabinet approves additional funding of up to Rs. three lakh crore through introduction of ECLGS

AIR Pics
Union Cabinet has approved additional funding of up to Rs. three lakh crore through introduction of Emergency Credit Line Guarantee Scheme (ECLGS).

Guaranteed Emergency Credit Line (GECL) facility to help eligible Micro, Small and Medium Enterprise (MSME) borrowers, including interested MUDRA borrowers.

Cabinet also decided 100 per cent credit guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs).

For this purpose, a corpus of 41,600 crore rupees shall be provided by Government of India spread over the current and the next three financial years.

The Cabinet also approved that the Scheme would be applicable to all loans sanctioned under GECL Facility during the period from the date of announcement of the Scheme to 31.10.2020, or till an amount of three lakh crore is sanctioned under the GECL, whichever is earlier.

AIR correspondent reports, the Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by COVID-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector.

The salient features of the scheme include all MSME borrower accounts with outstanding credit of up to Rs. 25 crore as on 29.2.2020 and with an annual turnover of up to Rs. 100 crore would be eligible for GECL funding under the scheme.

The scheme would be applicable to all loans sanctioned under GECL during the period from the date of announcement of the Scheme to 31.10.2020, or till an amount of  Rs. three lakh crore is sanctioned under the GECL, whichever is earlier.

By supporting MSMEs to continue functioning during the current unprecedented situation, the scheme is also expected to have a positive impact on the economy and support its revival.

   Related News

Live Twitter Feed

Listen News

Morning News 4 (Jun) Midday News 4 (Jun) Evening News 4 (Jun) Hourly 4 (Jun) (1800hrs)
समाचार प्रभात 4 (Jun) दोपहर समाचार 4 (Jun) समाचार संध्या 4 (Jun) प्रति घंटा समाचार 4 (Jun) (1900hrs)
Khabarnama (Mor) 3 (Jun) Khabrein(Day) 4 (Jun) Khabrein(Eve) 4 (Jun)
Aaj Savere 4 (Jun) Parikrama 4 (Jun)

Listen Programs

Market Mantra 4 (Jun) Samayki 4 (Jun) Sports Scan 23 (Mar) Spotlight/News Analysis 4 (Jun) Samachar Darshan 22 (Mar) Radio Newsreel 21 (Mar)
    Public Speak

    Country wide 12 (Mar) Surkhiyon Mein 4 (Jun) Charcha Ka Vishai Ha 11 (Mar) Vaad-Samvaad 17 (Mar) Money Talk 17 (Mar) Current Affairs 6 (Mar)
  • Money Matters 22 (Mar)
  • International News 22 (Mar)
  • Press Review 23 (Mar)
  • From the States 23 (Mar)
  • Let's Connect 22 (Mar)
  • 360°- Ek Parivesh 23 (Mar)
  • Know Your Constitution 30 (Jan)
  • Ek Bharat Shreshta Bharat 22 (Mar)
  • Sanskriti Darshan 23 (Mar)
  • Fit India New India 23 (Mar)
  • Weather Report 21 (Mar)
  • North East Diaries 22 (Mar)
  • 150 Years of Bapu 22 (Mar)
  • Sector Specific Discussions 22 (Mar)