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MINISTRY OF FINANCE EXPANDED THE SCOPE OF THE EMERGENCY CREDIT LINE GUARANTEE SCHEME

MINISTRY OF FINANCE EXPANDED THE SCOPE OF THE EMERGENCY CREDIT LINE GUARANTEE SCHEME

Context

Recently, the Ministry of Finance expanded the scope of the Emergency Credit Line Guarantee Scheme to Rs 3 lakh crores which will now cover borrowers from the healthcare segment.

Details

  • It aims to give relief to stressed companies in India.
  • This basically incorporates business enterprises in the tourism, hospitality, travel and sporting sector.
  • The National Credit Guarantee Trustee Company is the assurance supplier of the ECLGS Scheme.

About Emergency Credit Line Guarantee Scheme

  • To provide fully guaranteed and collateral free additional credit to MSMEs, business enterprises, MUDRA borrowers and individual loans for business purposes to the extent of 20% of their credit outstanding as on 29th February, 2020.
  • 100% guarantee coverage is being provided by the National Credit Guarantee Trustee Company, whereas Banks and Non Banking Financial Companies (NBFCs) provide loans.

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