Banks sanction Rs 1.63 lakh cr to 42 lakh MSMEs underneath credit score assure scheme

New Delhi, September 13

The Finance Ministry on Sunday stated banks had sanctioned loans value over Rs 1.63 lakh crore to greater than 42 lakh enterprise models underneath the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector.

On the disbursement entrance, nonetheless, over Rs 1.18 lakh crore doled out to 25 lakh MSME models, until September 10, which have been hit by the COVID-19 pandemic and ensuing lockdowns.

The scheme is the most important fiscal element of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package deal introduced by Finance Minister Nirmala Sitharaman in May to mitigate the misery by offering credit score to completely different sectors, particularly micro, small and medium enterprises (MSMEs).

As of September 10, as reported by public sector banks (PSBs) and high 23 non-public sector banks, “additional credit amounting to Rs 1,63,226.49 crore has been sanctioned to 42,01,576 borrowers”, the Ministry stated in a press release.

“Amount of Rs 1,18,138.64 crore has been disbursed to 25,01,999 borrowers,” it stated whereas sharing the progress of implementation of varied schemes underneath the Aatmanirbhar Bharat Abhiyan package deal.

Sharing particulars of different schemes being applied by the Finance Ministry, the assertion stated banks had accredited the acquisition of a portfolio of Rs 25,055.5 crore underneath Rs 45,000-crore Partial Credit Guarantee Scheme for NBFCs, HFCs and MFIs to do recent lending to MSMEs and people’ scheme as on August 28.

Lenders have been at present within the strategy of approval/negotiations for added Rs 4,367 crore, it stated.

Talking about earnings tax refunds, it stated the division had issued Rs 1,01,308 crore to greater than 27.55 lakh taxpayers between April 1, 2020, and September 8, 2020.

“Income tax refunds of Rs 30,768 crore have been issued in 25,83,507 cases and corporate tax refunds of Rs 70,540 crore have been issued in 1,71,155 cases. In fact, all corporate tax refunds up to Rs 50 crore have been issued in all cases, wherever due. Other refunds are under process,” it stated.

With regard to Rs 30,000 crore Special Liquidity Scheme for the confused non-banking monetary firms (NBFCs)/housing finance firms (HFCs)/micro finance establishments (MFIs), it stated 37 proposals involving an quantity of Rs 10,590 crore had been accredited whereas six purposes in search of financing of Rs 783.5 crore are underneath course of as on September 11.

It additional stated underneath the Rs 30,000 crore further Emergency Working Capital Funding for farmers by NABARD scheme, Rs 25,000 crore had been disbursed until August 28.

“Balance amount of Rs 5,000 crore under Special Liquidity Facility (SLF) allocated to National Bank for Agriculture and Rural Development (NABARD) by RBI for smaller NBFCs and NBFC-MFIs. NABARD is finalising operational guidelines to roll it out soon,” it stated.

Besides, NABARD had additionally launched Structured Finance and Partial Guarantee scheme in collaboration with two companies and banks to assist unrated NBFCs/MFIs to get credit score from lenders, the assertion stated.

On May 20, the Cabinet accredited further funding of as much as Rs Three lakh crore at a concessional charge of 9.25 per cent by ECLGS for MSME sector.

Under the scheme, 100 per cent assure protection might be supplied by the National Credit Guarantee Trustee Company (NCGTC) for added funding of as much as Rs Three lakh crore to eligible MSMEs and Micro Units Development and Refinance Agency (MUDRA) debtors within the type of a assured emergency credit score line (GECL) facility.

For this objective, a corpus of Rs 41,600 crore was arrange by the federal government, unfold over the present and subsequent three monetary years.

The scheme might be relevant to all loans sanctioned underneath GECL facility throughout the interval from the date of announcement of the scheme to October 31 or until the quantity of Rs Three lakh crore is sanctioned underneath GECL, whichever is earlier. PTI

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