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ECLGS expanded by RS 50K Cr; Extended up to March 2023 The Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023 and its guarantee cover will be expanded by Rs. 50,000 crore. The total cover will now be Rs. 5 lakh crore announced the Union Government. The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) Scheme will be revamped with required infusion of funds. This will facilitate additional credit of Rs.  2 lakh crore for Micro and Small Enterprises and expand employment opportunities, the Finance Minister stated.   The Finance Minister announced the rolling out of Raising and Accelerating MSME Performance (RAMP) programme with outlay of Rs. 6,000 crore over 5 years. This will help the MSME sector become more resilient, competitive and efficient.    The Finance Minister also proposed that Udyam, e-Shram, NCS and ASEEM portals will be interlinked. Their scope will be widened. They will now perform as portals with live, organic databases, provi

Transformative initiative in MSME credit space The loans are undertaken without human intervention Finance Minister launches web Portal www.psbloansin59minutes.com The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a transformative initiative in MSME credit space. The web portal  www.psbloansin59minutes.com   will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs). It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days. A first in MSME banking credit space, www.psbloansin59minutes.com  is one of its kind platforms in MSME segment which integrates advanced