Banks sanction ₹1.27 tn worth loans to MSME under credit guarantee scheme !!

The finance ministry on Tuesday said that, as of 20 July, banks have sanctioned loans worth about ₹1,27,582 crore under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector impacted by the economic slowdown the triggered by coronavirus. However, disbursements from public sector banks and private banks against this stood at ₹77,613 crore under the 100% ECLGS for micro, small and medium enterprises (MSMEs).

The scheme is the biggest fiscal component of the ₹20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May. The latest numbers on ECLGS, as released by the finance ministry, comprise disbursements by all 12 public sector banks (PSBs), 22 private sector banks and 21 non-banking financial companies (NBFCs), which were shared by Sitharaman’s office on Twitter on Tuesday.

“Under the 100% ECLGS, the loan amounts sanctioned by Public Sector Banks increased to ₹70,894.59 crore, of which ₹45,797.29 crore has been disbursed as of July 20,” the FM’s office said in a tweet while sharing bank-wise and state-wise details. Compared to 15 July 2020, there is an increase of ₹4,237.44 crore in the cumulative amount of loans sanctioned & an increase of ₹9,301.51 crore in the cumulative amount of loans disbursed, by both #PSBs and private sector banks combined as on 20 July 2020,” Sitharaman’s office further tweeted. SBI that has sanctioned loans worth ₹20,988 crore and disbursed ₹14,811 crore. It is followed by Punjab National Bank, which has sanctioned ₹9,372 crore. Its disbursements stood at ₹5,047 crore as of July 20.


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