Emergency Credit Line Guarantee Scheme

The Union Cabinet has agreed to raise the cap on the Emergency Credit Line Guarantee Scheme (ECLGS).

About

The cap has been raised from Rs. 4.5 billion to Rs. 5 billion.
The additional funds are being set aside just for businesses in the hospitality industry and other associated industries through the scheme's expiration date of 31.03.2023.
Due to the tremendous disruptions that the COVID-19 epidemic has produced for the hospitality industry and related businesses, there has been an upsurge.

Impact of limit enhancement:

It will give businesses much-needed relief and aid the hospitality sector’s comeback.
Providing additional, low-cost loans to lending institutions of up to Rs. 50,000 crore as an incentive.
Allowing these commercial organisations to pay their operational obligations and carry on with their operations.

About Emergency Credit Line Guarantee Scheme (ECLGS)

Objective:
To assist enterprises, notably MSMEs, in meeting their operating liabilities and resuming operations in light of the distress brought on by the COVID-19 issue. Announced as part of the Atma Nirbhar Bharat Package in 2020.
Supplying Member Lending Institutions (MLIs) with a complete guarantee against any losses incurred by them as a result of borrowers' failure to repay the ECLGS funds.
Operational area of the Ministry of Finance's Department of Financial Services (DFS).

Limit:

The overall cap for ECLGS was originally set at Rs 3 lakh crore but later increased to Rs 4.5 lakh crore.
Up to 5.8.2022, loans totaling about Rs. 3.67 lakh crore have been approved under ECLGS.

Source: Pib

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