Sign In
Learn bits
Economy, Schemes & Policies
Mahesh

17/08/22 05:05 AM IST

Emergency Credit Guarantee Scheme

In News 
  • Recently,Union Cabinet gave its nod to increase the “Emergency Credit Guarantee Scheme (ECLGS)” limit by Rs 50,000 crore.
  • With this increase, the limit will increase to Rs. 5 trillion. Additional amount is being reserved for entities in hospitality and other related sectors.
About ECLGS 
  • The Emergency Credit Guarantee Scheme was launched in 2020 as a part of Atmanirbhar Bharat Package.
  • Scheme was launched to help businesses in meeting their operational liabilities and resume after covid-19 pandemic.
  • Under the scheme, 100% guarantee is provided to banks against any losses incurred to them due to non-repayment of loans by borrowers.
  • As of August 5, 2022 loans of around Rs 3.67 trillion have been sanctioned under it.
  • Finance Minister Nirmala Sitharaman had extended the Emergency Credit Guarantee Scheme in her Budget speech 2022. Scheme has been extended till March 2023.
  • Additional amount was approved after considering that, other sectors recovered faster. But there is a constant demand of subdued for hospitality and related sectors which requires suitable measures for recovery and sustenance.
Source- PIB 

More Related Current Affairs View All

15 Nov

Government issues guidelines to curb misleading ads by coaching centres

'The central Government issued new guidelines aimed at curbing misleading advertisements by coaching institutes, specifically prohibiting false promises such as "100 per cent selec

Read More

15 Nov

Janjatiya Gaurav Divas

'Every year on November 15th, Janjatiya Gaurav Divas is celebrated to honor the contributions of these communities, especially in India’s freedom struggle.' 5th November

Read More

15 Nov

Supreme Court’s order on mandatory accessibility standards

'A bench of the Supreme Court last week ordered the Union government to frame mandatory rules for ensuring the accessibility of public places and services to persons with disabilit

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps