Nirmala Sitharaman meets private banks, NBFCs to ensure smooth roll out of ECLGS

Finance minister Nirmala Sitharaman held a video conference with 20 major private banks and non-banking finance companies (NBFCs) on Monday to ensure the smooth roll out of the emergency credit line guarantee scheme (ECLGS).

The meeting also included secretary of financial services, Debasish Panda and representatives of Small Industries Development Bank of India (SIDBI), according to a tweet by the department of financial services (DFS).

It highlighted the government’s commitment to help micro, small and medium enterprises (MSMEs) by ensuring uninterrupted supply of liquidity during these difficult times, the finance ministry tweeted.


“For effective implementation of ECLGS for MSMEs , Hon. FM @nsitharaman ji along with Secy, DFS meets 20 Pvt Sector Banks & NBFCs along with SIDBI. Committed to help MSMEs make #AatmaNirbharBhara,” the DFS said via Twitter.

According to a Twitter update from the finance minister’s office, public sector banks had sanctioned loans amounting to Rs 29, 490.81 crore by June 11 under the ECLGS, of which Rs 14,690.84 crore had already been disbursed.