The latest numbers on the ECLGS, as released by the finance ministry, comprise disbursements by all 12 public sector banks (PSBs), 22 private sector banks and 23 non-banking financial companies (NBFCs).
“As of 23 July 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,30,491.79 crore, of which Rs 82,065.01 crore has already been disbursed,” the finance minister said in a tweet.
Under the ECLGS, the loan amounts sanctioned by PSBs increased to Rs 71,818.16 crore, of which Rs 47,631.41 crore has been disbursed as of July 23, she said.
At the same time, private sector banks have sanctioned Rs 58,673 crore and disbursed Rs 34,433 crore.
“Compared to 20 July 2020, there is an increase of Rs 2,909.19 crore in the cumulative amount of loans sanctioned & an increase of Rs 4,451.95 crore in the cumulative amount of loans disbursed by both #PSBs and private sector banks combined as on 23 July 2020,” Sitharaman said.
Among the banks, SBI has sanctioned the highest amount at Rs 21,027 crore of loans and disbursed Rs 15,112 crore. It is followed by Punjab National Bank, which has sanctioned Rs 9,463 crore. However, its disbursements stood at Rs 5,295 crore as of July 23.
On May 20, the Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for MSME sector.
Under the scheme, 100 per cent guarantee coverage will be provided by the National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers in the form of a guaranteed emergency credit line (GECL) facility.
For this purpose, a corpus of Rs 41,600 crore was set up by the government, spread over the current and next three financial years.
The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.
All MSME borrower accounts with an outstanding credit of up to Rs 25 crore as on February 29, which were less than or equal to 60 days past due as on that date, i.e., regular, SMA-0 and SMA-1 accounts, and with an annual turnover of up to Rs 100 crore are eligible for GECL funding under the scheme.