8/27/2020 eclgs: Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings, Auto News, ET Auto https://auto.economictimes.indiatimes.com/news/industry/banks-sanction-rs-1-36-lakh-cr-under-eclgs-care-ratings/77343190 1/12 News Dealers ETAutoTV Happening Tomorrow / ETAuto Smart Factory Virtual Summit Auto News / Latest Auto News / Industry Sign in/Sign up Follow us: NEWS SITES ET PRIME Passenger Vehicle Auto Components Commercial Vehicle July 2020 Sales Two Wheelers Consumer Industry Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings As on July 23, 2020, PSBs and PVBs 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. PTI August 04, 2020, 10:29 IST Your Email JOIN NO Subscribe to our Newsletters 225000+ Industry Leaders read it everyday Features IndustrySpeak Data & Analytics Brand Solutions
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8/27/2020 eclgs: Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings, Auto News, ET Auto
Passenger Vehicle Auto Components Commercial Vehicle July 2020 Sales Two Wheelers
Consumer Industry
Banks sanction Rs1.36 lakh cr underECLGS: CARE RatingsAs on July 23, 2020, PSBs and PVBs sanctioned Rs1,30,492 crore (in 38.19 lakh accounts) and disbursedRs 82,065 crore (in 20.16 lakh accounts) to MSMEsunder the ECLGS scheme.
PTI August 04, 2020, 10:29 IST
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The emergency credit scheme primarily aims at providing liquiditysupport to MSMEs under 'Aatmanirbhar Bharat Abhiyan'programme announced by Finance Minister Nirmala Sitharaman.
New Delhi:Banks,both publicand privatesector,havesanctionedRs 1.36lakh crorein about 40lakhaccountsunder theEmergencyCredit LineGuarantee
Scheme (ECLGS) till July 29, a CARE Ratings report saidon Monday.
The total sanctioned amount works out to be 46 per cent ofthe target of Rs 3 lakh crore set up by the governmentwhile announcing the relief package for industry, especiallythe MSME sector, which was hit hard by the coronaviruspandemic.
The emergency credit scheme primarily aims at providingliquidity support to MSMEs under 'Aatmanirbhar BharatAbhiyan' programme announced by Finance MinisterNirmala Sitharaman.
As on July 29, 2020 public sector banks (PSBs) andprivate sector banks (PVBs) sanctioned Rs 1,36,155 crore(in 40 lakh accounts) and disbursed Rs 87,227 crore, thereport said.
As on July 23, 2020, PSBs and PVBs sanctioned Rs1,30,492 crore (in 38.19 lakh accounts) and disbursed Rs82,065 crore (in 20.16 lakh accounts) to MSMEs under theECLGS scheme, it said.
"The cumulative sanctions is around 44 per cent of the totaltarget of Rs 3,00,000 crore. The average sanction andaverage disbursement per account is Rs 3.42 lakh and Rs4.07 lakh respectively," the report said.
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Centre asks states not to putrestrictions on inter-statemovement of people, goods
The share of PSBs' sanctions and disbursements in totalsanctions and disbursements as on July 23, 2020 stood at55 per cent and 58 per cent, respectively, while PVBs'share stood at 45 per cent and 42 per cent, respectively.
It further said PVBs sanctioned Rs 58,674 crore (in 4.86lakh accounts) and disbursed Rs 34,434 crore (in 2.30 lakhaccounts) to MSMEs under the ECLGS scheme.
The cumulative sanctions by PVBs is around 20 per cent ofthe total target of Rs 3,00,000 crore. The average sanctionand average disbursement per account is Rs 12.05 lakhand Rs 14.95 lakh, respectively.
PSBs sanctioned Rs 71,818 crore (in 33.33 lakh accounts)and disbursed Rs 47,631 crore (in 17.86 lakh accounts)under the scheme.
The cumulative sanctions by PSBs is around 24 per cent ofthe total target of Rs 3,00,000 crore. The average sanctionand average disbursement per account is Rs 2.15 lakh andRs 2.67 lakh, respectively.
Maharashtra and Tamil Nadu have received highestsanction of Rs 7,446 crore and 7,399 crore, respectively,while disbursements in these states were at Rs 5,009 croreand Rs 4,940 crore, respectively, the report said.
Other states which have received significant levels ofsanctions and disbursements include Uttar Pradesh,
Centre asks statesnot to putrestrictions on inter-state movement ofpeople, goods
As per the revised definition of MSMEs, the annualturnover ceiling of companies that could avail loans underthe scheme has increased to Rs 250 crore from Rs 100crore earlier.
Also Read: Government working to enable microfinance institution to help smallest of businesses:Gadkari
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