2,166 cr credit sanctioned to MSMEs in Punjab to mitigate suffering

Hindustan Times, Chandigarh | By, Chandigarh
Jul 14, 2020 11:24 PM IST

Punjab stands at 3rd position among all states in India with 94.93% sanctions, according to official data

As part of efforts to mitigate industry suffering and provide proactive financial assistance, 2,165.53 crore have been sanctioned to micro, small and medium enterprises (MSMEs) under Emergency Credit Line Guarantee Scheme (ECLGS) with 1,133.93 crore having already been disbursed.

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Punjab stands at 3rd position among all states in India with 94.93% sanctions, according to official data. There are approximately 1,64,769 MSME eligible loan accounts involving an eligible loan amount of 4,372 crore, of which 1,11,881 eligible borrowers have opted for the scheme till last week.

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Following adverse impact of Covid-19 pandemic on various industries/sectors, the department of financial services, Union ministry of finance India through National Credit Guarantee Trustee Company Ltd (NCGTC) introduced the ECLGS for providing 100% guarantee coverage for additional working capital term loans up to 20% of the entire outstanding loan liability up to Rs 25 crore as on February 29, 2020, subject to certain stipulations.

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