Govt. Schemes for MSME is creating significant impact - Rs. 79,000/- Crores Sanctioned

As per the Statistics shared by the Press Information Bureau (PIB), the Nationalized and Private Sector banks has granted and sanctioned the Loans over Rs. 79,000/- crore under the Emergency Credit Line Guarantee Scheme (ECLGS). The Public & Private Sectors especially NBFC are supporting in gaining rapid traction due to interventions by Government.

The Government of India has released the statistics, whereby the Loans worth over Rs. 79,000/- crores has been sanctioned under ECLGS as on 20th June 2020 and out of this, more than Rs. 35,000/- crores has been already disbursed.

Banks mainly SBI, HDFC Bank, Bank of Baroda, PNB & Canara bank has helped the MSMEs in India including other businesses post lockdown to restart their businesses. In 20 Lacs COVID Relief Package by Central Government, the Hon'ble Prime Minister of India Sh. Narendra Modi has announced its plan for Rs. 3 Lac Crores as additional credit to MSMEs & small business under Aatmanirbhar. Under this scheme, the eligible businesses are able to receive up to 20% of their existing borrowing as additional loans with subsidized interest rates with capping.

Apart from the Aatmanirbhar Package announced by the Govt., the RBI's Special Liquidity Facility announced during March-April 2020, SIDBI (Small Industrial Development Bank of India) has also sanctioned over Rs. 10,220/- Crores to NBFCs, Micro Finance Institutions & Banks for lending to MSME & small borrowers. Further, the National Housing Bank (NHB) has also sanctioned its entire facility to Housing Finance Companies worth Rs. 10,000/- crores.

This refinance activities performed by SIDBI & NHB are in addition to ongoing schemes through which over Rs. 30,000/- crore has been sanctioned. The Govt. of India has further enhanced its support to various NBFCs & MFIs under the Extended Partial guarantee Scheme where approvals have crossed Rs. 5,500/- crore. The Loan Sanctioning for NBFCs & MFIs for another Rs. 5,000/- crore are under process of approval, while certain other deals are currently under negotiation.

Source: PIB India

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