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Daily Current Affairs – 2020

Topic: For Prelims and Mains

ECLGS 3.0

Why in News?

In recognition of the continuing adverse impact of COVID-19 pandemic on certain service sectors, the Government has now extended the scope of Emergency Credit Line Guarantee Scheme (ECLGS) through introduction of ECLGS 3.0.

About:

  • ECLGS 3.0 will cover business enterprises in Hospitality, Travel & Tourism, Leisure & Sporting sectors which had, as on 02.2020, total credit outstanding not exceeding Rs. 500 crore and overdues, if any, were for 60 days or less, on that date i.e., 29th Feb 2020.
  • ECLGS 3.0 would involve extension of credit of upto 40% of total credit outstanding across all lending institutions as on 02.2020. The tenor of loans granted under ECLGS 3.0 shall be 6 years including moratorium period of 2 years.
  • Further, the validity of ECLGS i.e., ECLGS 1.0, ECLGS 2.0 & ECLGS 3.0 have been extended upto 30.06.2021 or till guarantees for an amount of 3 lakh crore are issued.
  • Last date of disbursement under the scheme has been extended to 09.2021.
  • The modifications introduced in the scheme, while providing an incentive to MLIs to enable availability of additional funding facility to the eligible beneficiaries will go a long way in contributing to economic revival.
  • The revised operational guidelines in this regard shall be issued by National Credit Guarantee Trustee Company Ltd (NCGTC).

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