The Ministry of Finance today said that the total number of guarantees issued under the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 has officially crossed the 1 lakh mark, with a total amount of guarantees of more than 48 thousand crore rupees. This milestone demonstrated the extensive scale of credit protection being extended to lenders. The Ministry said that out of the total coverage, 96 percent of the guarantees were issued by number and 86 percent of the total guaranteed amount belongs to the MSME sector. Meanwhile, large participation by Public Sector Banks, accounting for 96 percent of guarantees has ensured the quick acceptance of the scheme.
The scheme aims to infuse an additional credit of 2 lakh 55 thousand crore rupees to existing borrowers to tide over the liquidity challenges arising due to the West Asia crisis. ECLGS 5.0 was approved by the Cabinet on the 5th of last month.
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