Categories: Business

Banks sanctioned loan of Rs 1.23 lakh crore for MSME under loan guarantee scheme, disbursed Rs 63311 crore

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Banks sanction about Rs 1.23 lakh crore loans to MSMEs under credit guarantee scheme

new Delhi. The Finance Ministry has sanctioned a loan of Rs 1.23 lakh crore to Micro, Small and Medium Enterprises (MSMEs) under the Rs 3 lakh crore Emergency Credit Facility Guarantee Scheme (ECLGS). The MMSE sector has been badly affected by the Kovid-19 pandemic. The Finance Ministry said that out of the sanctioned amount, banks and other financial institutions have disbursed Rs 68,311 crore to MSME units under the scheme till July 15.

Finance Minister Nirmala Sitharaman announced a Rs 20 lakh crore self-sufficient India package last month to support the economy affected by the corona virus epidemic. The largest part of this package is the emergency loan facility guarantee scheme announced for micro, small and medium enterprises worth Rs 3 lakh crore.

The latest ECLGS data released by the Finance Ministry includes loans disbursed by 12 public banks, 22 private banks and 21 non-banking financial institutions (NBFCs). Sitharaman said in a tweet that as of July 15, public and private banks have sanctioned loans worth Rs 1,23,345.16 crore under the 100 percent Emergency Credit Facility Guarantee Scheme. Out of this a loan of Rs 68,311.55 crore has been disbursed.

He said that till July 15, public sector banks have sanctioned loans worth Rs 69,135.19 crore, while loans worth Rs 41,819 crore have been disbursed. Private sector banks have so far sanctioned a loan of Rs 54,209.97 crore and disbursement of Rs 26,492 crore under the scheme. The Finance Minister said that the total sanctioned loan amount has increased by Rs 3,245.79 crore as compared to July 9, 2020, while loan disbursement has increased by Rs 6,323.65 crore during this period.

The State Bank of India (SBI) has sanctioned a loan of Rs 20,910 crore so far, while it has disbursed a loan of Rs 14,362 crore. After this, Punjab National Bank (PNB) has sanctioned a loan of Rs 9,121 crore, while its loan disbursement has been Rs 4,032 crore. The Union Cabinet on 20 May approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 percent through the Emergency Credit Facility Guarantee Scheme for the MSME sector.

This post was published on July 17, 2020 8:27 am

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