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Economy, Schemes & Policies
Mahesh

17/08/22 05:05 AM IST

Emergency Credit Guarantee Scheme

In News 
  • Recently,Union Cabinet gave its nod to increase the “Emergency Credit Guarantee Scheme (ECLGS)” limit by Rs 50,000 crore.
  • With this increase, the limit will increase to Rs. 5 trillion. Additional amount is being reserved for entities in hospitality and other related sectors.
About ECLGS 
  • 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, 2022 loans of around Rs 3.67 trillion have been sanctioned under it.
  • Finance Minister Nirmala Sitharaman had extended the Emergency Credit Guarantee Scheme in her Budget speech 2022. Scheme has been extended till March 2023.
  • Additional amount was approved after considering that, other sectors recovered faster. But there is a constant demand of subdued for hospitality and related sectors which requires suitable measures for recovery and sustenance.
Source- PIB 

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