Government introduces Emergency Credit Line Guarantee Scheme 3.0 on certain service sectors

The government has withdrawn the decision to reduce the interest rates of small savings schemes.

The Central Government has extended the scope of Emergency Credit Line Guarantee Scheme (ECLGS) through introduction of ECLGS 3.0 in view of the continuing adverse impact of COVID-19 pandemic on certain service sectors. It will now cover business enterprises in hospitality, travel, tourism, leisure and sporting sectors which had a total credit outstanding not exceeding Rs 500 crore and overdues were for 60 days on 29th February 2020.

The Finance Ministry said that ECLGS 3.0 will involve extension of credit upto 40 per cent of total credit outstanding across all lending institutions. The tenor of loans granted under ECLGS 3.0 will be six years including a moratorium period of two years. The validity of ECLGS 1.0, ECLGS 2.0 and ECLGS 3.0 have also been extended upto 30th June 2021. The last date of disbursement under the scheme has been extended to 30th September 2021. 

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