Scope of ECLGS enhanced & validity extended till 31.3.2023

Scope of ECLGS enhanced & validity extended till 31.3.2023

31 March 2022, Mumbai:

Giving effect to Union Finance & Corporate Affairs Minister Nirmala Sitharaman’s announcement in Union Budget 2022-23, the National Credit Guarantee Trustee Company Limited (NCGTC) today extended the Emergency Credit Line Guarantee Scheme (ECLGS) beyond March 2022, till March 2023.

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Further, following up on the suggestions received in the post Budget consultations held by the Finance Minister on 25th February 2022 with the Travel, Tourism and Hospitality sector and the Civil Aviation sector delegation led by the Minister of Civil Aviation, NCGTC also issued modifications to the operational guidelines for ECLGS 3.0.

Keeping this in view, the coverage, scope and extent of benefits under ECLGS 3.0 pertaining to hospitality, travel, tourism, and civil aviation sectors have been expanded.

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The modifications introduced are aimed at enabling businesses in these contact-intensive sectors to get further support through enhanced coverage and collateral-free liquidity on capped interest rates / fees.

As on 25.3.2022, loans sanctioned under ECLGS have crossed ₹ 3.19 lakh crore, and about 95% of the guarantees issued are for loans sanctioned to Micro, Small and Medium Enterprises.

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CREDITS: PBI (The news article has not been edited by DFU Publications staff)

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