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

13 Feb

Should convicted persons be allowed to contest elections?

'The Supreme Court is hearing petitions filed by Ashwin Upadhyay and others, seeking a life time ban on convicted persons from contesting elections.' Section 8(3) of the Represe

Read More

13 Feb

UGC decentralised’ system

'Four months after scrapping the UGC-CARE (Consortium for Academic and Research Ethics) system of listing quality journals, the University Grants Commission (UGC) this week announc

Read More

12 Feb

Scientists discover ‘Einstein ring’ around nearby galaxy

'The European Space Agency’s (ESA) Euclid space telescope has discovered a rare ring of light, known as an Einstein ring, around a galaxy nearly 590 million light-years away

Read More

India’s First Ai-Driven Magazine Generator

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