ECLGS tranches extended up to June 30

Source :IANS
Author :IANS
Last Updated: Thu, Apr 1st, 2021, 14:29:59hrs
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FinMin

New Delhi: The Centre on Wednesday extended the validity of the Emergency Credit Line Guarantee Scheme up to June 30, an official statement said.

The validity of all three tranches of ECLGS have been extended up to June 30, or till guarantees for an amount of Rs 3 lakh crore are issued, said a Finance Ministry statement.

"Last date of disbursement under the scheme has been extended to September 30," it added.

"The modifications introduced in the scheme, while providing an incentive to MLIs to enable availability of additional funding facility to the eligible beneficiaries, will go a long way in contributing to economic revival, protecting jobs, and creating conducive environment for employment generation."

Besides, the Centre enhanced ECLGS 3's scope by up to 40 per cent of total credit outstanding across all lending institutions as on February.

"The tenor of loans granted under ECLGS 3.0 shall be 6 years including moratorium period of 2 years."

Earlier, the Centre had extended the scope of the scheme by introduction of 'ECLGS 3.0' to cover business enterprises in 'Hospitality, Travel and Tourism, Leisure and Sporting' sectors.
 

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