October 31, 2020
The Chairman & Managing Directors, Chief Executive Officers of all Scheduled Commercial Banks, Financial Institutions, Non Banking Finance Companies
Emergency Credit Line Guarantee Scheme (ECLGS)
Extension of the duration of the scheme
Please refer to NCGTC letter Ref No. 2842/NCGTC/ECLGS dated May 23, 2020 introducing the Emergency Credit Line Guarantee Scheme [ECLGS] for providing 100% guarantee coverage for additional working capital terms loans (in case of Banks and Fls) and additional term loans ( in case of NBFCs) and also the various subsequent communications / updates issued by NCGTC in this regard. A reference is also invited to Clause No. 6 on page 3 of the Operational Guidelines of the scheme [last updated on September 14, 2020], in terms of which, the said scheme is scheduled to terminate on October 31, 2020 or till the utilization of Rs 3 lakhs crores whichever is earlier.
In this connection, we advise that it has since been decided to extend the duration of the scheme till November 30, 2020 or till a total amount of Rs.3 lakh crore is sanctioned under the scheme, whichever is earflier. Accordingly, clause no. 6 on page 3 of the Operational Guidelines of the scheme (also relevant FAQ) stands modified as under :
|Existing Clause||Modified Clause|
The Scheme would be applicable to all loans sanctioned under GECL during the period from the date of issue of these guidelines by NCGTC to 31.10.2020, or till an amount of Rs 3,00,000 crore is sanctioned under the GECL, whichever is earlier.
The Scheme would be applicable to all loans sanctioned under GECL during the period from the date of issue of these guidelines by NCGTC to 30.11.2020, or till an amount of Rs 3,00,000 crore is sanctioned under the GECL, whichever is earlier.
Save and except the above, all the other guidelines / instructions issued under the scheme and as existing as on the date of issue of this letter shall remain the same and shall apply mutatis mutandis to the above modifications. The updated Operational Guidelines of the Scheme and FAQs (amended as on October 31, 2020) have been uploaded on the website.
Chief Executive Officer