Lawstreet Journal

CARE Ratings: Banks sanction Rs 1.36 lakh crores under emergency credit scheme

Lawstreet Journal 6 Aug 2020 2:27am

Image courtesy: Lawstreet Journal Executive CARE Ratings: Banks sanction Rs 1.36 lakh crores under emergency credit scheme

Public and Private Sector Banks have sanctioned Rs 1.36 lakh crore in about 40 lakh accounts under the Emergency Credit Line Guarantee Scheme (ECLGS) till 29th July, as per a report by CARE Ratings.

The total amount sanctioned is 46% of the target of Rs 3 lakh crore that was set up by the government while announcing the relief package for industry, especially the MSME sector, hit hard by the coronavirus pandemic.

The main aim of the emergency credit scheme is to provide liquidity support to MSMEs under the 'Aatmanirbhar Bharat Abhiyan' program announced by Finance Minister Nirmala Sitharaman.

Public sector banks (PSBs) and Private sector banks (PVBs) have sanctioned Rs 1,36,155 crore (in 40 lakh accounts) and disbursed Rs 87,227 crore as on 29th July, according to the report.

Till 23rd July 2020, PSBs and PVBs had sanctioned Rs 1,30,492 crore (in 38.19 lakh accounts) and disbursed Rs 82,065 crore (in 20.16 lakh accounts) to MSMEs under the ECLGS scheme, it said.

The report further said that the cumulative sanctions are around 44% of the total target of Rs 3,00,000 crore. The average sanction and average disbursement per account is Rs 3.42 lakh and Rs 4.07 lakh respectively.

As on 23rd July 2020, the share of PSBs' sanctions and disbursements in total sanctions and disbursements stood at 55% and 58%, respectively, while that of PVBs' stood at 45% and 42%, respectively.

PVBs had sanctioned Rs 58,674 crore (in 4.86 lakh accounts) and disbursed Rs 34,434 crore (in 2.30 lakh accounts) to MSMEs under the ECLGS scheme.

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Tagged: Nirmala Sitharaman   Corona Updates  
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