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

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

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