GJ Town India

  Measures that boosting industry growth!   Promotion of industries is a continuous and ongoing effort of the Government. Government has taken a number of steps, in addition to the ongoing schemes, to boost the growth of industries. The measures taken in a few important areas are highlighted below:   1. Atmanirbhar Package to boost Industrial growth has been announced by the Government for Rs. 20.97 lakh crore with bold reforms in a number of sectors.  The Emergency Credit Line Guarantee Scheme (ECLGS), having provision of Rs 3 lakh crores, is 100% credit guarantee and Collateral Free Automatic Loans for MSMEs.   Financial support has been given to the stressed MSMEs with infusion of Rs.20,000 crore equity support through Subordinate Debt. Fund of Funds created to infuse equity worth Rs.50,000 crore in the MSME Sector by setting up Rs.10,000 crore Corpus Fund. Also, Government is ensuring timely payment to the MSMEs by instructing all Government of India a...

  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...

RBI steps up to ensure Access of credit to MSMEs! An online lending portal www.psbloansin59minutes.com  with majority ownership of 6 Public Sector Banks (PSBs)/ Financial Institutions (FIs) along with their associated companies, has been launched which facilitates in principle approval for loans to Micro Small and Medium Enterprises (MSMEs) upto Rs.1 crore within 59 minutes from PSBs.   Key features of the portal, inter-alia include enabling borrowers to connect with multiple banks without visiting the branch, financial technology (FinTech) based architecture with high level of information security, analysis of data from various data points, loan products in line with scoring models and assessment methods within approved credit policies, prima facie eligibility check for credit guarantee from CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises), etc. Government and Reserve Bank of India (RBI) have taken several steps to ensure access of c...