The Finance Ministry of India launched the Emergency Credit Line Guarantee Scheme (ECLGS) in May 2020 (13.05.2020_to help the pandemic hit economy. EMERGENCY CREDIT LINE GUARANTEE SCHEME (ECLGS) launched by Government of India as a special scheme in view of COVID-19 crisis to provide 100% guarantee coverage to Banks and NBFCs to enable them to extend emergency credit facilities to Business Enterprises / MSMEs in view of COVID-19 to meet their additional term loan/additional working capital requirements. This scheme aimed to provide Rs.3 lakh crore of unsecured loans to MSMEs and business enterprises to mitigate the distress caused by the coronavirus-induced lockdown.
The Government of India, on 13.05.2020, had announced the launch of the ‘Distressed Assets Fund—Subordinate Debt for Stressed MSMEs‘ as part of the Aatma Nirbhar Bharat Package.
The Government had earlier extended this scheme upto 31.03.2022. Now, on the basis of the requests received from the stakeholders of the scheme, the Government has decided to further extend this scheme till 31.03.2023, in order to keep the avenues of assistance to stressed MSME Units open.
Source: Release ID: 1805864
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Follow our WhatsApp Channel- Click here 👇!
Canara Bank Gurugram is not responding to this scheme despite clear instructions from GOI. They are harshing their MSME customer on one pretext or other without assigning any valid reason.
What to do.
No bank will you lend you an this bank dont care ncgtc or the rbi even if grivences is filed in eclgs complaint cell they say contact your lender these bank wont support government thoughts
Kumar sir then Who is gonna help us to get those benefits from the schemes.
EMERGENCY CREDIT LINE GUARANTEE SCHEME (ECLGS) launched by Government of India as a special scheme in view of COVID-19 crisis, This scheme aimed to provide Rs.3 lakh crore of unsecured loans to MSMEs and business enterprises to mitigate the distress caused by the coronavirus-induced lockdown.
As we have manufactured more than 5000 machining parts for the ventilators during the the first lockdown. What’s the use, now our company is only stressed and not getting any further help form the Government schemes.
This scheme aimed to provide Rs.3 lakh crore of unsecured loans to MSMEs and business enterprises to mitigate the distress caused by the coronavirus-induced lockdown.
As we have manufactured More than 5000 units of ventilators machining parts During the first lock down.
Now we are not getting any further support for any of the government schemes from the bankers.