New Delhi [India], May 30 (ANI): The Ministry of Finance on Sunday further expanded the scope of the Emergency Credit Line Guarantee Scheme (ECLGS) amid the economic disruption caused by the second wave of the COVID-19 pandemic.
May 2, 2021 Share
In India, it is observed that challenges have often weighed down entrepreneurs, especially women or members from the Schedule Caste/Schedule Tribe communities who wanted to acquire a loan to start their own undertaking. Nevertheless, a noble initiative, “the Stand-Up India Scheme,” was launched by Prime Minister Narendra Modi in April 2016, which addresses these difficulties experienced by the SC/ST communities and women.
The Stand-Up India Scheme intends to encourage entrepreneurship among women and SC/ST members. The initiative is moored by the Department of Financial Services (DFS), Ministry of Finance, Government of India. The Scheme offers monetary help (funded/non-funded) for working capital and procurement of fixed resources in manufacturing, services, or retail sectors. It provides “bank loans between Rs 10 lakh and Rs 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower at least one women borrower for each bank bra
Appeal to India Finance Minister to clarify credit line guidelines for tourism
6 hours ago
On behalf of the Kerala Tourism Industry, Baby Mathew, President of the Kerala Travel Mart Society, thanked the Government of India for its intervention to help the industry during its worst crisis by introducing ECLGS 3.0, a special credit guarantee window created to cover business enterprises in hospitality, travel and tourism, and leisure and sporting sectors effective March 31, 2021.
The request asks the Hon. Finance Minister of India to investigate the anomalies in the operational guidelines and FAQ.
One of the clauses is inherently contradictory to the proposed spirit of the scheme which is to help borrowers by assessing their accounts on a pre-pandemic status.
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Banks sanction Rs 2.46 lakh cr loans to 92 lakh borrowers under ECLGS
Banks have sanctioned loans worth Rs 2.46 lakh crore under ECLGS, Union Minister of State for Finance Anurag Thakur told the Rajya Sabha
PTI | March 10, 2021 | Updated 10:02 IST
As on February 28, 2021, guarantees have been issued under ECLGS to 92.27 lakh borrowers
Banks have sanctioned loans worth Rs 2.46 lakh crore to about 92 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector, Minister of State for Finance Anurag Thakur on Tuesday said.
As informed by National Credit Guarantee Trustee Company (NCGTC), the implementing agency of Emergency Credit Line Guarantee Scheme, as on February 28, 2021, the amount of loan sanctioned under ECLGS is Rs 2.46 lakh crore, he said in a written reply to the Rajya Sabha.