The Rs 30,000 crore Special Liquidity Scheme for non-banking, housing finance firms and Monetary Financial Institutions (MFI) as a part of the Atmanirbhar Bharat package deal has progressed properly, the Ministry of Finance stated on Sunday.
The Finance Ministry stated that it has authorized 37 proposals involving Rs 10,590 crores as on September 11 and 6 purposes in search of financing of Rs 783.5 crore are beneath course of.
“Rs 30,000 crore Special Liquidity Scheme for Non-Banking Financial Company (NBFCs)/ Housing Finance Companies (HFCs)/ Monetary Financial Institutions (MFIs) has progressed well. As on September 11, 37 proposals involving an amount of Rs 10,590 crores have been approved. Six applications seeking financing of Rs 783.5 crore are under process,” the Ministry stated in a press launch.
“As reported by public sector banks and top 23 private sector banks, additional credit amounting to Rs 1,63,226.49 crores (has been) sanctioned to 42,01,576 borrowers as on September 10,” the Ministry added.
Regarding Additional Emergency Working Capital Funding for farmers by means of NABARD, the Finance Ministry stated that Rs 25,000 crore has been disbursed as on August 28.
The steadiness quantity of Rs 5,000 crore has been allotted to NABARD beneath the Special Liquidity Facility (SLF); the Reserve Bank of India has allotted this sum for smaller NBFCs and NBFC-MFIs.
NABARD is finalising operational pointers to roll it out quickly, the Ministry stated.
NABARD has additionally launched a Structured Finance & Partial Guarantee scheme in collaboration with two businesses and banks to assist unrated NBFCs/MFIs to get credit score from lenders, the discharge acknowledged.
This mechanism labored out with the businesses and banks will improve eligibility of credit score by 5-6 occasions to small MFIs who shouldn’t have any score, within the hope of reaching out to the folks in distant and unreached areas, the Ministry added.
Once the earmarked quantity for this scheme is deployed, credit score availment by these small NBFCs/MFIs to an extent of Rs 2500 to Rs 3000 crore is envisaged, the discharge added.