New Delhi, September 13: The Union Finance Ministry on Sunday said that Indian banks have sanctioned loans worth over Rs 1.63 lakh crore to MSMEs and other eligible businesses so far. These loans have been sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) for over 42 lakh borrowers and till now over Rs 1.18 lakh crore has been disbursed, the Ministry added.
Informing about the sanctioned status, the Union Finance Ministry took said in a statement, "As on 10.09.2020, as reported by Public Sector Banks and top 23 private sector banks, additional credit amounting to Rs 1,63,226.49 crore has been sanctioned to 42,01,576 borrowers. Amount of Rs 1,18,138.64 crore has been disbursed to 25,01,999 borrowers as on 10.09.2020."
Laying down the progress of the schemes announced under the Aatmanirbhar Bharat economic package in May, the Union Ministry said that around 37 proposals involving an amount of Rs 10,590 crore have been approved under the Rs 30,000 crore Special Liquidity Scheme for NBFCs, housing finance companies and micro-finance institutions till September 11. Adding more, it said, six more applications seeking financing of Rs 783.5 crore are under process.
On the Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD, the ministry said that as on August 28, 2020, Rs 25,000 crore has been disbursed. The balance amount of Rs 5,000 crore under the Special Liquidity Facility (SLF) has been allocated to NABARD by the RBI for smaller NBFCs and NBFC-MFIs. Also, ANABARD is finalising operational guidelines to roll it out soon.
Apart from this, the Centre said that NABARD has also launched Structured Finance and Partial Guarantee scheme in collaboration with two agencies and banks to help unrated NBFCs and MFIs to get credit from lenders. The mechanism will enhance eligibility of credit by 5-6 times to those small MFIs who do not have any rating.
Among other details, the ministry said that refunds of over Rs 1.01 lakh crore have been issued to more than 27.55 lakh taxpayers between April 1, 2020, and September 8, 2020. Also, income tax refunds of Rs 30,768 crore have been issued in 25,83,507 cases and corporate tax refunds of Rs 70,540 crore have been issued in 1,71,155 cases. The ministry said that all corporate tax refunds up to Rs 50 crore have been issued in all cases.