Rs 1.58 lakh cr given to 4.05 m borrowers under ECLGS: Finance Ministry – The Economic Times

Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/fm-reviews-progress-of-various-schemes-under-3-packages-banks-sanction-rs-2-05-lakh-cr-to-msmes/articleshow/79714498.cmsSynopsis

This information was provided during a comprehensive review of implementation of the Aatmanirbhar Bharat Abhiyan by finance minister Nirmala Sitharaman with secretaries of various ministries and departments over three days. Under ECLGS, Rs 2.05 lakh crore has been sanctioned to 8.09 million borrowers.

New Delhi: About Rs 1.58 lakh crore has been disbursed to nearly 4.05 million borrowers by banks and non-banking financial institutions under the Emergency Credit Line Guarantee Scheme (ECLGS), as on December 4, while 11.09 million kisan credit cards with a limit of Rs 1,07,417 crore have been sanctioned.

This information was provided during a comprehensive review of implementation of the Aatmanirbhar Bharat Abhiyan by finance minister Nirmala Sitharaman with secretaries of various ministries and departments over three days. Under ECLGS, Rs 2.05 lakh crore has been sanctioned to 8.09 million borrowers.

“It is expected that 45 lakh units can resume business activity and safeguard jobs through this scheme,” the finance ministry said in a statement on Sunday.

Meanwhile, refunds of over Rs 1.45 lakh crore were provided to more than 8.93 million taxpayers between April 1and December 8. Income tax refunds of Rs 43,274 crore have been issued in 8.73 million cases while corporate tax refunds of Rs 1.02 lakh crore have been issued in 199,000 cases. In order to boost demand in the real estate sector and to enable real estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to homebuyers, the safe harbour rate for primary transactions of residential units of value up to Rs 2 crore was increased from 10% to 20% from November 12 till June 30, 2021.

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Additionally, under the special window for affordable and mid-income housing 135 projects have been approved with an outlay of Rs 13,200 crore. “This will result in completion of 87,000 houses or flats. Rs 18,000 crore will be provided over the Budget Estimates for 2020-21for (PMAY-U) through additional allocation and extra budgetary resources,” said the ministry.

Under the Rs 70,000 crore boost to housing sector and middle income group (MIG) through extension of credit linked subsidy scheme, subsidy has been released to 1,04,354 new MIG beneficiaries during 2020-21, taking the aggregate number to 429,000. Public sector banks have approved a portfolio of Rs 27,794 crore and are currently in the process of approval or negotiations for Rs 1,400 crore under the Rs 45,000 crore partial credit guarantee scheme for non-banking financial companies (NBFCs).

The timeline for purchase of bonds or commercial papers (CPs) has been further extended till December 31, 2020. About `25,000 crore has been disbursed out of the Rs 30,000 crore additional emergency working capital funding for farmers through Nabard.

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