- Financial Express
ECLGS: Loans worth Rs 3.32 lakh crore sanctioned to MSMEs, others till April 2022, shows RBI report
Credit and Finance for MSMEs: Loans amounting to Rs 3.32 lakh crore were sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) till April 30, 2022, of which Rs 2.54 lakh crore amount was disbursed, the Reserve Bank of India (RBI) said in its latest Financial Stability Report. The drawdown under ECLGS 1.0, 2.0 and its extension comprised over 97 percent of the total guarantees issued. Launched on May 20, 2020, Rs 5-lakh-crore ECLGS provided 100 percent guarantee coverage from National Credit Guarantee Trustee Company Limited (NCGTC) to select borrowers. It was originally devised for MSMEs and business enterprises whose total fund-based credit outstanding across all lending institutions was up to Rs 25 crore. Private banks showed a greater appetite than public banks for utilizing different versions of ECLGSs.
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