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Emergency Credit Guarantee Scheme
August 21 , 2022
1167 days
1097
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- Union Cabinet gave its nod to increase the “Emergency Credit Guarantee Scheme (ECLGS)”.
- With this, the limit will increase to Rs. 5 trillion.
- Additional amount is being reserved for entities in hospitality and other related sectors.
- The Emergency Credit Guarantee Scheme was launched in 2020 as a part of Atmanirbhar Bharat Package.
- Scheme was launched to help businesses in meeting their operational liabilities and resume after covid-19 pandemic.
- Under the scheme, 100% guarantee is provided to banks against any losses incurred to them due to non-repayment of loans by borrowers.
- As of August 5 in 2022, loans of around Rs 3.67 trillion have been sanctioned under it.
- This Scheme has been extended till March 2023.
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