Live
- OpenAI signs 1st MoU in South Korea to foster AI ecosystem
- Fire breaks out during rocket test at Japan's space centre
- Nigerian military kills more suspected terrorists in Lake Chad Basin airstrikes
- NABL signs pact for on-site testing of materials in construction projects
- Cantonment MLA Sri Ganesh Advocates for New RTO Office Amid Road Expansion Concerns
- UN humanitarian chief meets Sudan's Al-Burhan to address aid crisis
- Zimbabwean president calls for international support to resolve debt issues
- Judiciary Plays a Key Role in the Indian Constitution - Senior Civil Judge A. Sri Devi
- Karnataka BJP Stands Strong Against Waqf Board Misuse
- Keerthy Suresh in sultry avatar for Bollywood debut ‘Baby John’
PSBs' mega bid to rejig MSME loans
PSBs’ mega bid to rejig MSME loans
Govt measures benefited 9.8 lakh MSMEs amid pandemic: FinMin
New Delhi: Public sector banks (PSBs) effected restructuring of 9.8 lakh accounts of micro, small and medium enterprises (MSMEs), due to the impact of Covid-19 pandemic, amounting to Rs58,524 crore as of November 26, the government said in Parliament on Monday.
While, as many as 8.5 lakh accounts of individual borrowers of over Rs 60,000 crore have also been restructured.
"As per inputs received from public sector banks (PSBs), as on November 26, 2021, resolution plan/restructuring has been implemented by them in 9.8 lakh MSME accounts amounting to Rs 58,524 crore, and in 8.5 lakh accounts of individual borrowers amounting to Rs 60,662 crore, as on November 15, 2021," the Finance Ministry said in a written reply in the Lok Sabha.
The government and the Reserve Bank took a number of measures to support the retail and micro, small and medium enterprises (MSME) borrowers in the wake of the pandemic, including a Covid-19 regulatory package granting moratorium of six months on payments of all instalments of term loans and deferment of recovery of interest on working capital from March 1, 2020 to August 31, 2020.
Under Emergency Credit Line Guarantee Scheme (ECLGS) which was backed by 100 per cent guarantee of the central government, banks and non-banking financial companies (NBFCs) have sanctioned loans amounting to Rs 2.97 lakh crore as on 26 November 2021, as per the reply. Also, the launch of PM Street Vendor's AtmaNirbharNidhi (PM SVANidhi), to help the poor street vendors impacted by the pandemic to resume their livelihood activities enabled 30.23 lakh vendors to access credit amounting to Rs 3,054 crore till November 30, 2021.
"PSBs sanctioned Rs 1,84,046 crore to 1.1 crore existing loan accounts under Covid-19 emergency relief schemes for their existing borrowers, including MSME borrowers and Self Help Groups, by providing additional loan facility without additional margin/security/ or processing charge. "Further, government has launched nationwide Credit Outreach Programme on 16 October 2021, under which banks have been holding special camps across the country to make loans available to eligible borrowers," the ministry said. As reported by banks, an aggregate loan amount of Rs 94,063 crore has been sanctioned up to 26 November 2021 under this, it added.
