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  • Public & Private Sector Banks sanction loans worth over Rs. 1 lakh crore as of June 26 under ECLGS

    Published on July 1, 2020

    Under the 100 per cent Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government guarantee, Public and Private sector banks have sanctioned loans worth over 1 lakh crore rupees till 26th of June. Out of these, more than 45 thousand Crore rupees have already been disbursed.

    It will help more than 30 lakh MSMEs and other businesses to restart their operations after the lockdown. Public sector banks have sanctioned loans of over 57 thousand 525 crore rupees whereas private sector banks have sanctioned loans of over 44 thousand 335 crore rupees under ECLGS. The top lenders under the Scheme are SBI, Bank of Baroda, PNB, Canara Bank and HDFC.

    As part of the Aatma Nirbhar package, Government had announced its plans for 3 lakh Crore rupees as additional credit to MSMEs and small businesses. Such enterprises were to be eligible to receive upto 20 per cent of their existing borrowing as additional loans at interest rates which were capped.