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Banks sanction Rs 1.30 lakh crore, disburse Rs 82,065 crore loans to MSMEs under credit guarantee scheme

PSBs sanctioned Rs 71,818.16 crore, out of which Rs 47,631.41 crore has been disbursed by July 23. Private sector banks have sanctioned Rs 58,673 crore and disbursed Rs 34,433 crore

twitter-logoBusinessToday.In | July 25, 2020 | Updated 15:19 IST
Banks sanction Rs 1.30 lakh crore, disburse Rs 82,065 crore loans to MSMEs under credit guarantee scheme
Banks sanction loans of Rs 1,30,491 crore for MSMEs

Banks have sanctioned loans of Rs 1,30,491 crore for micro, small and medium enterprises (MSMEs) under the Emergency Credit Line Guarantee Scheme (ECLGS), the finance ministry said on Friday. Out of this, banks have disbursed Rs 82,065 crore till July 23. "As of 23 July 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by PSBs and private banks stands at Rs 1,30,491.79 crore, of which Rs 82,065.01 crore has already been disbursed," said Nirmala Sitharaman.

The ECLG scheme was the biggest component of the Rs 20 lakh crore Aatma Nirbhar Bharat package announced by the government in May. The amount has been disbursed by 12 public sector banks (PSBs), 22 private sector banks and 23 non-banking financial companies (NBFCs).

PSBs sanctioned Rs 71,818.16 crore, out of which Rs 47,631.41 crore has been disbursed by July 23. Private sector banks have sanctioned Rs 58,673 crore and disbursed Rs 34,433 crore.

When it comes to banks, SBI has sanctioned the highest amount of Rs 21,027 crore, out of which it disbursed Rs 15,112 crore. Punjab National Bank sanctioned Rs 9,463 crore and disbursed Rs 5,295 crore.

Under the scheme, 100 per cent guarantee coverage is provided by the National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers in the form of a guaranteed emergency credit line facility. The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.

Also read: Rs 1.14 lakh crore sanctioned to MSMEs under credit guarantee scheme; SBI, HDFC Bank top lenders

Also read: Banks sanction Rs 1.27 lakh crore to MSMEs under credit guarantee scheme; SBI top lender

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