Nirmala Sitharaman Current Affairs - 2020

Loans worth over Rs 1.10 lakh crore sanctioned by Banks under ECLGS until 1st July

Union Finance Minister Nirmala Sitharaman announced the Emergency Credit Line Guarantee Scheme (ECLGS) on 13th May 2020. ECLGS was announced as a part of the AtmaNirbhar Bharat Package for supporting the Micro Small and Medium Enterprises (MSMEs) in the country.

As of 1st July 2020, Public Sector Banks and Private Banks across the country have sanctioned loans worth over Rs 1.10 lakh crore under ECLGS. Out of this Rs 1.10 lakh crore sanctioned, more than Rs 52000 crore of the loan amount has been already disbursed until 1st July.

Out of the Rs 52000 crores that have been disbursed, Public Sector Banks have disbursed Rs 33,000 crore. This Rs 33,000 crore was disbursed to around 12,59,000 MSMEs across the country.  To around 1,45,000 MSMEs were disbursed the remaining Rs 19,000 crore by Private Banks.

What is the Emergency Credit Line Guarantee Scheme (ECLGS)?

Post nationwide lockdown, it was important to ensure that the liquidity concerns of the MSMEs and other businesses across the country are addressed by the Government.  ECLGS ensured that the credit required by the MSMEs for restarting their businesses.

Under ECLGS, banks were incentivized so that credit of up to Rs 3 lakh crore can be provided to MSMEs and businesses across the country. As per estimation by the Government, the Rs 3 lakh crore will enable more than 30 MSMEs and businesses across the country to meet their operational liabilities required for restarting the business.

National Credit  Guarantee Trustee Company (NCGTC) will be providing a 100 percent guarantee for the loans sanctioned by the banks under the ECLGS.

Finance Minister launches ‘eBkray’ auction platform for assets attached by banks

Union Finance Minister Nirmala Sitharaman has launched eBkray or eBक्रय,  an common e-auction platform to enable online auction of attached assets transparently and cleanly for the improved realization of value by banks. The e-auction platform is now linked on Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal and guidelines have been made available.

About eBkray platform

Objective of Portal: To enhance user experience through seamless access to information by search based on type and location of property put up for e-auction by banks in India.

It will provide navigational links to all Public Sector Banks (PSBs) e-auction sites, property search feature and will present single-window access to information on properties up for e-auction, comparison of similar properties, as well as contains videos and photographs of uploaded properties.

The platform will help buyer to easily navigate to bank e-auction site after a notified property is selected. It also helps user to search property using State-wise, District-wise and bank-wise details.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal

It is an initiative of Indian Banks Association (IBA) under policy of Department of Financial Services (DFS), Union Ministry of Finance, to provide details of mortgaged properties to be auctioned online by banks, starting with PSBs. Buyers can use the IBAPI portal to search and get properties details and participate in auction process. Currently, 21 banks are onboard on this portal.