In the video conference, the minister also directed the participants to try meeting the credit requirements of other businesses.
Earlier in the day, the ministry gave cluster wise data of loans sanction till June 8. (Photo: Screenshot)
Finance Minister Nirmala Sitharman on Tuesday held a review meeting with the chiefs of all the state-owned banks and asked them to continue reaching out and lending to MSMEs under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS).
In the video conference, the minister also directed the participants to try meeting the credit requirements of other businesses.
“FM’s review: PSBs to continue focus on sanction & reaching out to eligible MSMEs. To also target meeting credit needs of other businesses. #PSBsForAatmanirbharBharat @PMOIndia @FinMinIndia,” the Department of Financial Services said in a tweet.
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Earlier in the day, the ministry gave cluster wise data of loans sanction till June 8.
“As of 8 June 2020, #PSBs have sanctioned loans worth Rs 1,109.03 cr for #MSME hubs in 12 States under the 100% Emergency Credit Line Guarantee Scheme, of which Rs 599.12 cr has already been disbursed to 17,904 accounts. Here is the cluster-wise data:
#ECLGS #AatmanirbharBharat”
The latest directive comes a day after the Finance Minister, while addressing the FICCI National Executive Committee members, clarified that the Covid Emergency Credit Facility announced as part of the Aatma Nirbhar Bharat package covers all companies and not just MSMEs.
During the meeting, the finance minister also complimented the banks on their swift response to the demand for the collateral free loan and sanctioning Rs 20,000 crore under the Emergency Credit Line Guarantee Scheme.
Sitharaman also advised the banks to maintain proactive outreach at branch level and keep the forms for ECLGS simple and formalities at minimum, said another tweet by DFS.
The scheme is part of the Aatma Nirbhar Bharat economic package worth 20 lakh crore, announced by Sitharaman last month.
As per the government, banks would provide collateral-free loans to the eligible MSMEs loans upto Rs 3 lakh crore in total in a bid to overcome the financial crisis caused due to the coronavirus pandemic and the nationwide lockdown.
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