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Speed Post News Network
New Delhi : Under the 100% Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government of India guarantee, Banks from Public & Private Sectors have sanctioned loans worth over Rs. 1.5 lakh crore as of August 18, 2020, of which more than Rs 1 lakh crore has already been disbursed.
The ECLGS was announced by the Government as a part of Aatma Nirbhar Bharat Package to mitigate the distress caused by lockdown due to COVID-19 by providing credit to different sectors especially MSMEs.
Under the ECLGS, Public Sector Banks (PSBs) have sanctioned loans of Rs 76,044.44 crore of which Rs 56,483.41 crore has already been disbursed. The Private Sector Banks have sanctioned loans of Rs 74,715.02 crore of which Rs 45,762.36 crore has already been disbursed. The top lenders under the Scheme are State Bank of India (SBI), Canara Bank, Punjab National Bank (PNB), Bank of India, Union Bank of India, and HDFC Bank Ltd, according to a PIB release.