Public and Private Sector Banks have sanctioned Rs 1.36 lakh crore in about 40 lakh accounts under the Emergency Credit Line Guarantee Scheme (ECLGS) till 29th July, as per a report by CARE Ratings.
The total amount sanctioned is 46% of the target of Rs 3 lakh crore that was set up by the government while announcing the relief package for industry, especially the MSME sector, hit hard by the coronavirus pandemic. The main aim of the emergency credit scheme is to provide liquidity support to MSMEs under the 'Aatmanirbhar Bharat Abhiyan' program announced by Finance Minister Nirmala Sitharaman.
Public sector banks (PSBs) and Private sector banks (PVBs) have sanctioned Rs 1,36,155 crore (in 40 lakh accounts) and disbursed Rs 87,227 crore as on 29th July, according to the report. Till 23rd July 2020, PSBs and PVBs had sanctioned Rs 1,30,492 crore (in 38.19 lakh accounts) and disbursed Rs 82,065 crore (in 20.16 lakh accounts) to MSMEs under the ECLGS scheme, it said. The report further said that the cumulative sanctions are around 44% of the total target of Rs 3,00,000 crore. The average sanction and average disbursement per account is Rs 3.42 lakh and Rs 4.07 lakh respectively. As on 23rd July 2020, the share of PSBs' sanctions and disbursements in total sanctions and disbursements stood at 55% and 58%, respectively, while that of PVBs' stood at 45% and 42%, respectively. PVBs had sanctioned Rs 58,674 crore (in 4.86 lakh accounts) and disbursed Rs 34,434 crore (in 2.30 lakh accounts) to MSMEs under the ECLGS scheme. The cumulative sanctions by PVBs are around 20% of the total target of Rs 3,00,000 crore. The average sanction and average disbursement per account is Rs 12.05 lakh and Rs 14.95 lakh, respectively. Under the scheme, PSBs sanctioned Rs 71,818 crore (in 33.33 lakh accounts) and disbursed Rs 47,631 crore (in 17.86 lakh accounts). The cumulative sanctions by PSBs are around 24% of the total target of Rs 3,00,000 crore. The average sanction and average disbursement per account is Rs 2.15 lakh and Rs 2.67 lakh, respectively. According to the report, Maharashtra and Tamil Nadu received the highest sanction of Rs 7,446 crore and 7,399 crores, respectively, while disbursements in these states were at Rs 5,009 crore and Rs 4,940 crore, respectively. Uttar Pradesh, Gujarat, and Karnataka are among the other states that received significant levels of sanctions and disbursements. The annual turnover ceiling of companies that could avail loans under the scheme was increased to Rs 250 crore from Rs 100 crore in the revised definition of MSMEs.
Supreme Court Asks Centre to Consider Giving a Break to Doctors Engaged During the Pandemic
Judiciary
Dec 17, 2020
Dev Kumar Patel
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Editor: Ekta Joshi
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The Supreme Court asked the Centre on 15th December 2020 to consider granting a break to doctors engaged in duty for the last seven-eight months during COVID-19 pandemic.While Top Court expressing its concern towards doctor the bench told Mr. Mehta that "for the last seven-eight months doctors have not been given any break and are continuously working. You take instruction and think over giving them some break. It must be very painful and might be affecting their mental health".A bench of...
"We must ensure that the benefits of the vaccine are not just confined to the affluent countries but also extended to the less-developed in the underdeveloped countries": Justice Indira Banerjee on Distribution of Covid-19 Vaccine
Legal Insiders
Dec 15, 2020
Mriganc Mishra, Intern Aquilas Legal Solutio
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Editor: Ekta Joshi
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On Friday (December 11, 2020), Justice Indira Banerjee expressed, “We must ensure that there is equitable distribution of the Covid-19 Vaccine, that the benefits of the vaccine are not just confined to the affluent countries but also extended to the less-developed in the underdeveloped countries." Justice Indira Banerjee was speaking at a webinar on "World Human Rights Day" organised by St. Thomas College of Law and INDIA LEGAL on "STAND UP FOR HUMAN RIGHTS, THE NEED Of GLOBAL...
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