FM chairs meeting with Pvt Banks, NBFCs to ensure the effective roll-out of ECLGS

Finance Minister Nirmala Sitharaman chaired a meeting through Video Conference with officials of Major Private Banks and Non-Banking Financial Companies (NBFCs) today to ensure the effective roll-out of Emergency Credit Line Guarantee Scheme (ECLGS).

She stressed on the need to extend uninterrupted liquidity to Indian Micro, Small and Medium Enterprises (MSMEs) in this difficult time.

Last week, Ms Sitharaman held a meeting with heads of Public Sector Banks and took stock of the total sanctions being made under the emergency credit facility extended by the government. Under the Atma Nirbhar Bharat package, the Government has announced Rs 3 lakh crore of collateral-free loan support to the MSMEs and other stressed companies.

As per last reports, over Rs. 30,000 crore loan has already been sanctioned under this scheme.

Secretary Department of Financial Services Debasish Panda was also present in the meeting. According to a tweet by the department of financial services (DFS), the meet was also attended by the representatives of Small Industries Development Bank of India (SIDBI),