The Union Cabinet on Wednesday approved the ₹3 trillion emergency credit guarantee scheme for non-banking financial companies (NBFCs) and micro, small and medium enterprises (MSMEs).

The funding is a part of the ₹20 trillion economic package announced by finance minister Nirmala Sitharaman for the sectors hit hard by coronavirus.

Under the scheme, the entire funding in the form of a guaranteed emergency credit line (GECL) facility will be provided with a 100% credit guarantee by state-owned National Credit Guarantee Trustee Company Limited (NCGTC) to the lenders.

Towards this, the Union government will provide ₹41,600 crore, spread over the current and the next three financial years. NCGTC will not charge any guarantee fee from lending

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Billionaire's trip to space raises $125M to St. Jude hospital

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‘Domino Masters’: Meet the 16 teams competing in 1st-ever season on FOX

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Wendy Williams Denies 'All Allegations' About Her Mental Health Amid Bank Battle

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Injunction granted to prevent protesters from blocking Ambassador Bridge

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Nirmala Sitharaman city New Delhi India president pandemic economy Government

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Nirmala Sitharaman city New Delhi pandemic Government Coronavirus

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₹20 trillion economic package today

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Narendra Modi Nirmala Sitharaman city New Delhi economy Government

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Nirmala Sitharaman city New Delhi Government

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Narendra Modi Nirmala Sitharaman city New Delhi covid-19 Government

₹2 trillion concessional credit to be extended to farmers through Kisan Credit Cards: Sitharaman

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Nirmala Sitharaman city New Delhi covid-19 outbreak experts Government

₹20 trln package: Free food grains to 80 mln migrant workers for two months

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Nirmala Sitharaman city New Delhi information economy Government

Govt to launch affordable rental housing scheme, announces FM Sitharaman

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Nirmala Sitharaman covid-19 outbreak Government Coronavirus

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Nirmala Sitharaman covid-19 Government

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Nirmala Sitharaman pandemic guidelines economy Government

Govt’s relief measures for MSMEs timely and pragmatic: ACMA

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Nirmala Sitharaman India covid-19 recommendations president Government

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

₹3 trillion funding scheme for MSMEs

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