PSBs sanction loans worth Rs 10,362 cr under emergency credit scheme

Public sector banks have sanctioned loans worth Rs 10,361.75 crore under the 100 per cent Emergency Credit Line Guarantee Scheme, said Finance Minister Nirmala Sitharaman's office on Wednesday.

"Public sector banks have already sanctioned loans worth Rs 10,361.75 crore under the 100% Emergency Credit Line Guarantee Scheme. Out of this, Rs 3,892.78 crore has already been disbursed," Sitharaman's office tweeted.

The Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by Covid-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector.