Tuesday, September 27, 2022
HomeMost RecentCabinet clears proposal to enhance ECLGS corpus to Rs 5 lakh cr

Cabinet clears proposal to enhance ECLGS corpus to Rs 5 lakh cr

The Union Cupboard on Wednesday accredited a proposal to reinforce the outlay of Emergency Credit Line Assure Scheme (ECLGS) by Rs 50,000 crore from 4.5 lakh crore to Rs 5 lakh crore for the tourism and hospitality sector, which had confronted disruptions because of the Covid- 19 pandemic.
NEW DELHI: The Union Cupboard on Wednesday accredited a proposal to reinforce the outlay of Emergency Credit Line Assure Scheme (ECLGS) by Rs 50,000 crore from 4.5 lakh crore to Rs 5 lakh crore for the tourism and hospitality sector, which had confronted disruptions because of the Covid-19 pandemic.

Data and Broadcasting Minister Anurag Thakur instructed mediapersons after the Cupboard assembly that the extra quantity of Rs 50,000 crore can be given to the hospitality sector until the validity of ECLGS, ie, until March 31, 2023. ECLGS is an ongoing scheme.

In line with an official assertion, the enhancement would supply aid to the tourism and hospitality sector by incentivising banks to supply extra credit score of as much as Rs 50,000 crore at low price, which might assist enterprises below the sector meet their operational liabilities.

Underneath ECLGS, loans of round Rs 3.67 lakh crore have been disbursed until August 5, 2022.

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