The Emergency Credit Loan Guarantee Scheme(ECLGS) has been extended till March 31, 2021, Union Finance Minister Nirmala Sitharaman said.
The Emergency Credit Loan Guarantee Scheme(ECLGS) has been extended till March 31, 2021, Union Finance Minister Nirmala Sitharaman said in a press conference on Thursday.
Under this, entities with outstanding credit of above Rs 50 crore and up to Rs 500 crore will be covered. The tenor of the additional credit will be 5 years, including a one-year moratorium on principal repayment.
As part of the extension, ECLGS will provide much-needed relief to stressed sectors by helping entities sustain employment and meet liabilities.
The scheme was initially supposed to end on October 30, 2020, but was then extended by a month and was supposed to end on November 30.
"A total amount of Rs 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crore has been disbursed," Sitharaman said.
ECLGS - a fully guaranteed and collateral-free scheme - was announced as part of the Aatmanirbhar Bharat Abhiyaan.
Additionally, Sitharaman announced a Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy. She said Rs 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.
First Published: IST