Private, govt banks pledge full support to ECLGS 5.0

Private and state-owned banks on Wednesday pledged full support towards the effective implementation of the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 scheme announced by the Centre earlier this month.

Speaking at a state-level awareness event on the ECLGS 5.0 here, government officials said the scheme, aimed at providing relief to enterprises following the West Asia conflict, will be a key catalyst for the micro, small and medium enterprises in Maharashtra, one of the country's most industrious states.

''ECLGS 5.0 is not merely a loan scheme, but an important catalyst for economic growth, particularly for Maharashtra's MSME ecosystem, by ensuring easier access to credit support through technology-enabled banking services,'' a statement quoted government officials as saying.

The Union Cabinet on May 5 approved ECLGS 5.0 with an overall outlay of Rs 2.55 lakh crore to provide additional working capital support to businesses affected by the ongoing geopolitical tensions in West Asia.

Under the scheme, airlines have been separately allocated Rs 5,000 crore, while the remaining amount will be available to MSMEs and non-MSME borrowers impacted by the crisis.

The statement said that the conference focused on ensuring transparent, simplified and speedy implementation of ECLGS 5.0 across Maharashtra.

Detailed deliberations were held on extending timely and hassle-free credit support to eligible MSMEs and business establishments facing working capital constraints.

During the conference, a live demonstration of the government's Jan Samarth Portal was conducted, showcasing the completely digital, paperless and simplified process for loan applications and approvals under ECLGS 5.0.

The officials emphasised that the use of digital platforms would enable faster outreach to eligible businesses and accelerate credit delivery, the statement said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)