ECLGS progress reviewed
FM holds meeting for ECLGS, PCGS 2.0 Finance Minister holds meeting with lenders for expediting resolution of loan accounts and reviewing progress of Emergency Credit Line Guarantee Scheme (ECLGS), Partial Credit Guarantee Scheme (PCGS) 2.0 and Sub-ordinate Debt Scheme. Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman held a review meeting with the heads of Scheduled Commercial Banks and NBFCs through Video Conferencing today to review their state of preparedness for implementation of the loans resolution framework for Covid-19 related stress. During the meeting, Smt. Sitharaman impressed upon the lenders that as and when moratorium on loan repayments is lifted, borrowers must be given support and Covid-19 related distress must not impact the lenders’ assessment of their creditworthiness. During her interaction, the Finance Minister focused on Lenders immediately putting in place Board-approved policy for resolution, identifyin...