Home Auto News Industry Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings

Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings

New Delhi: Banks, each public and private sector, have sanctioned Rs 1.36 lakh crore in about 40 lakh accounts under the Emergency Credit Line Guarantee Scheme (ECLGS) until July 29, a CARE Ratings report said on Monday.

The complete sanctioned quantity works out to be 46 per cent of the goal of Rs 3 lakh crore arrange by the federal government whereas asserting the aid bundle for business, particularly the MSME sector, which was hit exhausting by the coronavirus pandemic.

The emergency credit score scheme primarily goals at offering liquidity assist to MSMEs under ‘Aatmanirbhar Bharat Abhiyan’ programme introduced by Finance Minister Nirmala Sitharaman.

As on July 29, 2020 public sector banks (PSBs) and private sector banks (PVBs) sanctioned Rs 1,36,155 crore (in 40 lakh accounts) and disbursed Rs 87,227 crore, the report said.

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, it said.

“The cumulative sanctions is around 44 per cent 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,” the report said.

The share of PSBs’ sanctions and disbursements in complete sanctions and disbursements as on July 23, 2020 stood at 55 per cent and 58 per cent, respectively, whereas PVBs’ share stood at 45 per cent and 42 per cent, respectively.

It additional said PVBs 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.

The cumulative sanctions by PVBs is round 20 per cent of the overall goal of Rs 3,00,000 crore. The common sanction and common disbursement per account is Rs 12.05 lakh and 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 round 24 per cent of the overall goal of Rs 3,00,000 crore. The common sanction and common disbursement per account is Rs 2.15 lakh and Rs 2.67 lakh, respectively.

Maharashtra and Tamil Nadu have obtained highest sanction of Rs 7,446 crore and seven,399 crore, respectively, whereas disbursements in these states have been at Rs 5,009 crore and Rs 4,940 crore, respectively, the report said.

Other states which have obtained important ranges of sanctions and disbursements embrace Uttar Pradesh, Gujarat and Karnataka.

As per the revised definition of MSMEs, the annual turnover ceiling of firms that would avail loans under the scheme has elevated to Rs 250 crore from Rs 100 crore earlier.

Government working to allow micro finance establishment to assist smallest of companies: Gadkari

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