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

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.

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.