Emergency Credit Line Guarantee Scheme (ECLGS), recently seen in the news, is under the operational domain of which ministry?
5Q:
Emergency Credit Line Guarantee Scheme (ECLGS), recently seen in the news, is under the operational domain of which ministry?
- 1Ministry of Urban Developmentfalse
- 2Ministry of Defencefalse
- 3Ministry of Financetrue
- 4Ministry of Rural Developmentfalse
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Answer : 3. "Ministry of Finance"
Explanation :
Recently, officials reported a 6% Non Performing Assets (NPA) rate under the Emergency Credit Line Guarantee Scheme (ECLGS), launched by India in 2020 to aid businesses hit by Covid-19. The scheme, managed by the Ministry of Finance’s Department of Financial Services and National Credit Guarantee Trustee Company Ltd (NCGTC), provides 100% guaranteed coverage to lenders. Phases ECLGS 1.0 to 4.0 expanded its scope across sectors. Sanctions are based on borrower assessments, with no collateral or fees.