Centre may allow cooperative banks to lend under ECLGS

BusinessCentre may allow cooperative banks to lend under ECLGS

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Centre may allow cooperative banks to lend under ECLGS

New Delhi: As the Emergency Credit Line Guarantee Scheme, specially formed for MSMEs, progresses, the government is considering allowing cooperative banks to lend under it too.

Addressing a webinar at the ‘FICCI-SBI Atmanirbhar MSME Virtual Conclave’, Micro, Small and Medium Industries Minister Nitin Gadkari said that the government is discussing the matter with the Reserve Bank of India (RBI).

“Cooperative banks that are not included as a member lending institutions under the Emergency Credit Line Guarantee Scheme (ECLGS) will be included as lenders for MSMEs, under a scheme being discussed in consultation with the RBI,” a FICCI statement quoted Gadkari as saying.

He also urged the states to release payments due to MSMEs within 45 days, as “this will help bring liquidity, which will accelerate the economic growth of the country”.

Gadkari emphasised that special focus towards export enhancement is the need of the hour, and there is also a need to focus on import substitution to replace imports with domestic production.

He also urged the industry to identify the sectors heavily reliant on imports, particularly from China, and look for substitutes towards indigenous production to make India self-reliant.

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