Disbursement of PSBs Rs 12,201 cr loan to MYME under the emergency credit line scheme

The Ministry of Finance announced on Thursday that the banks in the public sector will be closed by 9 March. The Commission notes that by 30 June Rs 12 200,65 had been paid under the Emergency Credit Line Guarantee Scheme (ECLGS) for the IHR sector, which was severely affected by the blockade caused by the coronavirus.

Public Sector Banks (PSBs) licensed from 1. June Loans of Rs. 24,260.65 at an interest rate of 100% ECLGS for micro, small and medium-sized enterprises (MSMEs)

The plan is the largest financial component of India’s stand-alone mission programme, which includes 20 Laks Krora, announced by Finance Minister Nirmala Sitaraman last month.

The 9th. In June 2020, Promsvyazbank approved loans amounting to Rs 24,260.65 under a 100% guarantee programme for emergency credit lines, of which Rs 12,200.65 was issued, Sitaraman said on his Twitter feed.

The 9th. As of 30 June 2020, Rs 24,260.65 has been approved by Promsvyazbank under the 100% guarantee scheme for emergency credit lines, of which Rs 12,200.65 has been issued. Here are the bank and government data. #AatmanirbharBharat #MSME’s pic.twitter.com/e1KEj5lVzn

– Office NSitharaman (@nsitharamanoffc) 11. June 2020

The business unit in Tamil Nadu received the largest cumulative fine from the banks, Rs. 2,637, while payments at the end of June were Rs. 9. 1,1727.

It is followed by Uttar Pradesh with penalties of 2547 Croatian rupees and payment of 1225 Croatian rupees.

According to the table twittered by the market leader, the State Bank of India (Sovereign Bank of India (SBI)) authorised the payment of Rs 13,363, while the payments at the end of 9. The month of June accounted for almost half of the Rs. 7517.

It is followed by Baroda’s third largest creditor bank with fines of Rs. 1,893, but payments amounted to Rs. 526.

Nirmala Sitaraman, Minister of Finance.

The 21st. On 1 May the Cabinet of Ministers approved additional funding for the IHR sector of up to 3 CRLs at a reduced rate of 9.25% through ECLGS.

The Union Bank of India received a higher payment rate than the sanctions of Rs 1842 and a creditor located in Mumbai paid Rs 794.

Punjab’s second largest creditor, the Punjab National Bank, was slightly late with a total fine of Rs 1772, but by the end of 9 June. In June, payments amounted to almost a third of Rs 656.

The 21st. In May the Cabinet of Ministers approved additional funding for the IHR sector of up to 3 rupees at a reduced rate of 9.25% above the ECLGS.

Under this scheme, the National Credit Guarantee Corporation (NKGTK) will provide the relevant MMEs and interested borrowers of the Micronesian Development and Refinancing Agency (MUDRA) with a 100 % guarantee for additional financing up to Rs 3 lakh in the form of a guaranteed credit line (GECL).

For this purpose, the government has a body of Rs. 41,600, which will be spread over the current and the next three fiscal years.

The scheme applies to all loans granted under the GECL loan from the date of notification of the scheme until 31 December 2006. October or until an amount of Rs3 is approved under the GECL loan, whichever comes first.

The main objective of the programme is to encourage member credit institutions to improve access to RSI borrowers in the light of the economic crisis resulting from the COVID 19 crisis and to provide them with additional financing by providing 100% guarantees for all losses resulting from the non-repayment of COVID 19 financing by the borrowers.

All RSI borrower accounts with outstanding debts not exceeding Rs 25 on 29 February and overdue by 60 days from that date, i.e. ordinary SMA-0 and SMA-1 accounts with an annual turnover not exceeding Rs 100, are eligible for GECL funding under this scheme.