The Ministry of Finance extends the scope of the guarantee scheme of the emergency credit line to SMA-1 loans – The New Indian Express

The Ministry of Finance extends the scope of the guarantee scheme of the emergency credit line to SMA-1 loans – The New Indian Express

The Rs 3-lakh crore ECLGS had been announced last year as part of the COVID-19 relief package rolled out by the Centre and involved offering COVID-hit businesses higher credit limits. “We wish to inform that the ECLGS 2.0 component of ECLGS has been expanded to to SMA-1 borrowers also within its scope, other conditions remaining unchanged,” a circular by the Department of Financial Services said. The SMA-1 category covers borrowers whose overdue period is between 31-60 days. 

According to the Finance Ministry, the latest iteration of the scheme involves extending credit of up to 40 per cent of total credit outstanding across all lending institutions as of February, 2020. The government earlier extended  ECLG schemes up to June 30, 2021 or till guarantees worth Rs 3 lakh crore were issued. 

Source www.newindianexpress.com

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