Hon’ble FM Reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs

Hon’ble Prime Minister Shri Narendra Modi on May 12^th, 2020, announced the Special economic and comprehensive package of Rs. 20 lakh crore – equivalent to 10% of India’s GDP – to fight COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant India Movement. He also outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

Following the call of the Hon’ble Prime Minister, Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman laid down the details of the Aatma Nirbhar Bharat Package in a string of press conferences from 13^th May to 17^th May 2020.

The Ministries of Finance & Corporate Affairs have immediately started the implementation of the announcements related to the Economic Package under Aatma Nirbhar Bharat Package (ANBP). Regular reviews and monitoring of the implementation of the economic package is being overseen by the Finance Minister personally.

In the latest review pertaining to Ministries of Finance & Corporate Affairs taken by Smt. Nirmala Sitharaman here today, the following progress has been reported so far:

1. Rs 3 lakh crore Collateral-free Automatic Loans for Businesses, including MSMEs

To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29th February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This will be available to units with upto Rs 25 crore outstanding and turnover of up to Rs 100 crore whose accounts are standard. The units will not have to provide any guarantee or collateral of their own. The amount will be 100% guaranteed by the Government of India providing a total liquidity of Rs. 3 lakh crore to more than 45 lakh MSMEs.

After taking Cabinet approval on 20.05.2020, the Department of Financial Services issued Operational Guidelines for the Scheme on 23.05.2020, and Emergency Credit Line Guarantee Scheme (ECLGS) Fund was registered on 26.05.2020. Guidelines amended on 4.8.2020 to include Individual loans for business, enhance loan outstanding ceiling to Rs 50 crore and annual turnover ceiling to Rs 250 crore.

As reported on 29.09.2020, by 12 Public Sector Banks, top 24 Private Sector Banks & 31 NBFCs, the total amount sanctioned to Non -Individual & individuals, under the 100% Emergency Credit Line Guarantee Scheme stands at Rs 1,86,469 crore, of which Rs 1,32,246 crore has already been disbursed to 2,709,027 borrowers.

2. Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs, HFCs and MFIs to do fresh lending to MSMEs & individuals

Under Revised Guidelines issued on 17.08.2020, additional 3 months have been allowed, till 19.11.2020, for building portfolio and to increase ceiling for AA/AA- rated bonds from 25% to 50% of total portfolio.

As on 25^th September 2020, Banks have approved purchase of portfolio of Rs 25,505 crore and are currently in process of approval/ negotiations for Rs. 3,171 crore. As reported by PSBs on 25^th September 2020, portfolio of Rs 16,401 crore has been purchased.

3. Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD

As on 25th September, 2020, Rs. 25,000 crore has been disbursed out of this special facility.  Balance amount of Rs. 5,000 crore under Special Liquidity Facility (SLF) allocated to NABARD by RBI for smaller NBFCs and NBFC-MFIs.

NABARD is finalising the operational guidelines to roll out disbursement out of this facility.

4. Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs

SBICAP was assigned to set up a SPV to implement the Scheme. The Scheme was launched through a Press Release dated July 1, 2020. On the same day the regulator RBI also issued a circular to NBFCs and HFCs on the Scheme.

As on 30th September 2020, thirty nine (39) proposals involving an amount of Rs.11,120 crore have been approved. Out of this sanctioned amount, Rs 7,227 crore has been disbursed whereas Rs 182 crore will not be availed. The remaining sanctions of Rs 3,707 crore have lapsed. This Scheme has been closed on 30^th September, 2020.

5. Rs. 1,500 crore Interest Subvention for MUDRA-Shishu  Loans

The current portfolio of MUDRA-Shishu loans is Rs 1.62 lakh crore (Maximum loan amount of Rs. 50,000). The Cabinet approved the Scheme on 24.6.2020 and guidelines of the Scheme were issued on 26.6.2020. However, 86% of eligible accounts were on moratorium till 31. 8.2020. Budget allocation of Rs. 1,232 crore made for FY 2020-21 and Rs. 120 crore released to SIDBI on 7th September 2020.

6. Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards in a Special Drive

In Phase I, 58.12 lakh KCC cards with KCC limit of Rs. 46,330 crore had been sanctioned.

Under Phase II, as on 25th September 2020, a total number of 83.03 lakh KCC with KCC limit of Rs. 78,999.80 crore has been sanctioned. Following is the break-up of this 80.46 lakh KCC sanctioned in Phase II:

Area in which KCC sanctioned                   Number of KCC sanctioned

• Crop Loan                                                       – 70.31 lakh
• Crop loan with AH or fisheries activities       – 1.92 lakh
• Dairy                                                               – 2.97 lakh
• Poultry, cattle & sheep rearing, etc                 – 21,961
• Fisheries                                                          -10,622

7. Rs 50,000 crore liquidity through TDS/TCS rate reduction

Legislative amendments to give effect to this announcement was incorporated in The Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill, 2020 which was introduced in the Lok Sabha on 18th September 2020.  After, the assent of Hon’ble President, The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 has been notified on 29^th September, 2020.

8. Other Direct Tax Measures:

During the Current Financial Year, a number of 33, 53,898 refunds amounting to Rs.1,18,324 crore have been issued. Remaining refunds are under process.

Under the ANBP, the following was announced:

• Due date of all income-tax return for FY 2019-20 will be extended from 31^st July, 2020 & 31^st October, 2020 to 30^th November, 2020 and Tax audit from 30^th September, 2020 to 31^st October, 2020
• Date of assessments getting barred on 30^th September, 2020 will be extended to 31^st December, 2020 and those getting barred on 31^st March, 2021 will be extended to 30^th September, 2021.
• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31^st December, 2020.

Legislative amendments to give effect to these announcements were incorporated in The Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill, 2020 which was introduced in the Lok Sabha on 18^th September 2020. After, the assent of Hon’ble President, The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 has been notified on 29^th September, 2020.

9. Further enhancement of Ease of Doing business through IBC related measure:

The Government has raised the threshold of default under section 4of the IBC, 2016 to 1 crore (from the existing threshold of Rs 1 lakh) vide Notification dated 24.6.2020.

A special resolution under section 240A of the Code, to provide relief to the MSMEs is being finalized and the same would be notified soon.

Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 has been notified on 23^rd September, 2020 with effect from 5^th June, 2020 thereby providing insertion of Section 10A in the Insolvency and Bankruptcy Code 2016 (Code) to temporarily suspend initiation of Corporate Insolvency Resolution Process (CIRP) under Sections 7, 9 and 10 of the Code for a period of six months or such further period, not exceeding one year, from 25^th March, 2020. The benefit of the proposed suspension will be available to all those defaults of the corporate debtor that occur from 25^th March 2020 and till the end of the period of suspension. Further, such defaults arising between the 25^th March, 2020 and till the completion of the suspension period will remain as non-est for the purpose of initiation of CIRP under the Code as a permanent carve-out. Section 66 of the Code is also amended to disallow the resolution professional from filing application of action against the directors or partners of the corporate debtor with respect of such default.

10. Decriminalization of Companies Act defaults

The Companies (Amendment) Bill, 2020, has been passed by Lok Sabha on 19th September, 2020 and by Rajya Sabha on 22nd September, 2020.  After, the assent of Hon’ble President , The Companies ( Amendment) Act,2020  has been notified on 28^th September, 2020.

11. Ease of Doing Business for Corporates:

The Companies (Amendment) Bill, 2020, has been passed by Lok Sabha on 19th September, 2020 and by Rajya Sabha on 22nd September, 2020.  After, the assent of Hon’ble President , The Companies ( Amendment) Act,2020  has been notified on 28^th September, 2020.

          

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1660691

Hon’ble Prime Minister Shri Narendra Modi on May 12^th, 2020, announced the Special economic and comprehensive package of Rs. 20 lakh crore – equivalent to 10% of India’s GDP – to fight COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant India Movement. He also outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

Following the call of the Hon’ble Prime Minister, Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman laid down the details of the Aatma Nirbhar Bharat Package in a string of press conferences from 13^th May to 17^th May 2020.

The Ministries of Finance & Corporate Affairs have immediately started the implementation of the announcements related to the Economic Package under Aatma Nirbhar Bharat Package (ANBP). Regular reviews and monitoring of the implementation of the economic package is being overseen by the Finance Minister personally.

In the latest review pertaining to Ministries of Finance & Corporate Affairs taken by Smt. Nirmala Sitharaman here today, the following progress has been reported so far:

1. Rs 3 lakh crore Collateral-free Automatic Loans for Businesses, including MSMEs

To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29th February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This will be available to units with upto Rs 25 crore outstanding and turnover of up to Rs 100 crore whose accounts are standard. The units will not have to provide any guarantee or collateral of their own. The amount will be 100% guaranteed by the Government of India providing a total liquidity of Rs. 3 lakh crore to more than 45 lakh MSMEs.

After taking Cabinet approval on 20.05.2020, the Department of Financial Services issued Operational Guidelines for the Scheme on 23.05.2020, and Emergency Credit Line Guarantee Scheme (ECLGS) Fund was registered on 26.05.2020. Guidelines amended on 4.8.2020 to include Individual loans for business, enhance loan outstanding ceiling to Rs 50 crore and annual turnover ceiling to Rs 250 crore.

As reported on 29.09.2020, by 12 Public Sector Banks, top 24 Private Sector Banks & 31 NBFCs, the total amount sanctioned to Non -Individual & individuals, under the 100% Emergency Credit Line Guarantee Scheme stands at Rs 1,86,469 crore, of which Rs 1,32,246 crore has already been disbursed to 2,709,027 borrowers.

2. Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs, HFCs and MFIs to do fresh lending to MSMEs & individuals

Under Revised Guidelines issued on 17.08.2020, additional 3 months have been allowed, till 19.11.2020, for building portfolio and to increase ceiling for AA/AA- rated bonds from 25% to 50% of total portfolio.

As on 25^th September 2020, Banks have approved purchase of portfolio of Rs 25,505 crore and are currently in process of approval/ negotiations for Rs. 3,171 crore. As reported by PSBs on 25^th September 2020, portfolio of Rs 16,401 crore has been purchased.

3. Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD

As on 25th September, 2020, Rs. 25,000 crore has been disbursed out of this special facility.  Balance amount of Rs. 5,000 crore under Special Liquidity Facility (SLF) allocated to NABARD by RBI for smaller NBFCs and NBFC-MFIs.

NABARD is finalising the operational guidelines to roll out disbursement out of this facility.

4. Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs

SBICAP was assigned to set up a SPV to implement the Scheme. The Scheme was launched through a Press Release dated July 1, 2020. On the same day the regulator RBI also issued a circular to NBFCs and HFCs on the Scheme.

As on 30th September 2020, thirty nine (39) proposals involving an amount of Rs.11,120 crore have been approved. Out of this sanctioned amount, Rs 7,227 crore has been disbursed whereas Rs 182 crore will not be availed. The remaining sanctions of Rs 3,707 crore have lapsed. This Scheme has been closed on 30^th September, 2020.

5. Rs. 1,500 crore Interest Subvention for MUDRA-Shishu  Loans

The current portfolio of MUDRA-Shishu loans is Rs 1.62 lakh crore (Maximum loan amount of Rs. 50,000). The Cabinet approved the Scheme on 24.6.2020 and guidelines of the Scheme were issued on 26.6.2020. However, 86% of eligible accounts were on moratorium till 31. 8.2020. Budget allocation of Rs. 1,232 crore made for FY 2020-21 and Rs. 120 crore released to SIDBI on 7th September 2020.

6. Rs 2 lakh crore Concessional credit boost to 2.5 crore farmers through Kisan Credit Cards in a Special Drive

In Phase I, 58.12 lakh KCC cards with KCC limit of Rs. 46,330 crore had been sanctioned.

Under Phase II, as on 25th September 2020, a total number of 83.03 lakh KCC with KCC limit of Rs. 78,999.80 crore has been sanctioned. Following is the break-up of this 80.46 lakh KCC sanctioned in Phase II:

Area in which KCC sanctioned                   Number of KCC sanctioned

• Crop Loan                                                       – 70.31 lakh
• Crop loan with AH or fisheries activities       – 1.92 lakh
• Dairy                                                               – 2.97 lakh
• Poultry, cattle & sheep rearing, etc                 – 21,961
• Fisheries                                                          -10,622

7. Rs 50,000 crore liquidity through TDS/TCS rate reduction

Legislative amendments to give effect to this announcement was incorporated in The Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill, 2020 which was introduced in the Lok Sabha on 18th September 2020.  After, the assent of Hon’ble President, The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 has been notified on 29^th September, 2020.

8. Other Direct Tax Measures:

During the Current Financial Year, a number of 33, 53,898 refunds amounting to Rs.1,18,324 crore have been issued. Remaining refunds are under process.

Under the ANBP, the following was announced:

• Due date of all income-tax return for FY 2019-20 will be extended from 31^st July, 2020 & 31^st October, 2020 to 30^th November, 2020 and Tax audit from 30^th September, 2020 to 31^st October, 2020
• Date of assessments getting barred on 30^th September, 2020 will be extended to 31^st December, 2020 and those getting barred on 31^st March, 2021 will be extended to 30^th September, 2021.
• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31^st December, 2020.

Legislative amendments to give effect to these announcements were incorporated in The Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill, 2020 which was introduced in the Lok Sabha on 18^th September 2020. After, the assent of Hon’ble President, The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 has been notified on 29^th September, 2020.

9. Further enhancement of Ease of Doing business through IBC related measure:

The Government has raised the threshold of default under section 4of the IBC, 2016 to 1 crore (from the existing threshold of Rs 1 lakh) vide Notification dated 24.6.2020.

A special resolution under section 240A of the Code, to provide relief to the MSMEs is being finalized and the same would be notified soon.

Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 has been notified on 23^rd September, 2020 with effect from 5^th June, 2020 thereby providing insertion of Section 10A in the Insolvency and Bankruptcy Code 2016 (Code) to temporarily suspend initiation of Corporate Insolvency Resolution Process (CIRP) under Sections 7, 9 and 10 of the Code for a period of six months or such further period, not exceeding one year, from 25^th March, 2020. The benefit of the proposed suspension will be available to all those defaults of the corporate debtor that occur from 25^th March 2020 and till the end of the period of suspension. Further, such defaults arising between the 25^th March, 2020 and till the completion of the suspension period will remain as non-est for the purpose of initiation of CIRP under the Code as a permanent carve-out. Section 66 of the Code is also amended to disallow the resolution professional from filing application of action against the directors or partners of the corporate debtor with respect of such default.

10. Decriminalization of Companies Act defaults

The Companies (Amendment) Bill, 2020, has been passed by Lok Sabha on 19th September, 2020 and by Rajya Sabha on 22nd September, 2020.  After, the assent of Hon’ble President , The Companies ( Amendment) Act,2020  has been notified on 28^th September, 2020.

11. Ease of Doing Business for Corporates:

The Companies (Amendment) Bill, 2020, has been passed by Lok Sabha on 19th September, 2020 and by Rajya Sabha on 22nd September, 2020.  After, the assent of Hon’ble President , The Companies ( Amendment) Act,2020  has been notified on 28^th September, 2020.

          

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1660691

Hon’ble Prime Minister Shri Narendra Modi on May 12^th, 2020, announced the Special economic and comprehensive package of Rs. 20 lakh crores – equivalent to 10% of India’s GDP to fight COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant India Movement. He also outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography, and Demand.

Following the call of the Hon’ble Prime Minister, Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman laid down the details of the Aatma Nirbhar Bharat Package in a string of press conferences from 13^th May to 17^th May 2020.

The Ministries of Finance & Corporate Affairs have immediately started the implementation of the announcements related to the Economic Package under Aatma Nirbhar Bharat Abhiyaan. Regular reviews and monitoring of the implementation of the economic package are being overseen by the Finance Minister personally.

In the latest review taken by Smt Nirmala Sitharaman the following progress has been reported so far:

1. Global tenders will be disallowed in Government procurement tenders up to Rs 200 crore

Giving a major relief to the local MSMEs, the Department of Expenditure has amended present Rule 161 (iv) of General Financial Rules, 2017, and GFR Rules relating to Global Tenders. Now, no Global Tender Enquiry (GTE) shall be invited for tenders up to Rs. 200 crore, unless prior approval is obtained from Cabinet Secretariat.

2. Relief to Contractors

It was announced by the Finance Minister that all central agencies like Railways, Ministry of Road Transport and Highways and CPWD will give an extension of up to 6 months for completion of contractual obligations, including in respect of EPC and concession agreements.

In this regard, Department of Expenditure has issued instructions that (due to COVID-19 pandemic) on the invocation of Force Majeure Clause (FMC), contract period may be extended for a period not less than three months and not more than six months without the imposition of any cost or penalty on the contractor/concessionaire. Instructions were also issued to return the value of performance security to the contractor/ suppliers proportional to the supplies made/ contract work completed to the total contract value. The same is being implemented by various Departments/Ministries.

3. Supporting State Governments

The Finance Minister announced that the Centre has decided to accede to the request and increase borrowing limits of States from 3% to 5%, for 2020-21 only in view of the unprecedented situation. This will give States extra resources of Rs. 4.28 lakh crore.

In an effort to support the financial position of the State Governments presently suffering from stress on account of revenue losses due to lockdown, Department of Expenditure issued a communication to all the State Governments for additional Borrowing of 2 percent of projected GSDP to the States in 2020-21 subject to the implementation of specific State Level Reforms.

4. Rs 3 lakh crore Collateral-free Automatic Loans for Businesses, including MSMEs

To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29^th February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This will be available to units with up to Rs. 25 crores outstanding and turnover of up to Rs. 100 crore whose accounts are standard. The units will not have to provide any guarantee or collateral of their own. The amount will be 100% guaranteed by the Government of India providing total liquidity of Rs. 3 lakh crore to more than 45 lakh MSMEs.

After taking Cabinet approval on 20.05.2020, the Department of Financial Services issued Operational Guidelines for the Scheme on 23.05.2020, and Emergency Credit Line Guarantee Scheme (ECLGS) Fund was registered on 26.05.2020. In a short period of about one and a half months, noticeable progress has been achieved in identifying units, sanctioning as well as disbursing of loans to MSMEs. Following is the progress as on 9^th July 2020:

5. Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs

Existing Partial Credit Guarantee Scheme (PCGS) will be revamped and extended to cover the borrowings of lower-rated NBFCs, HFCs, and other Micro Finance Institutions (MFIs). The government of India will provide a 20 percent first loss of sovereign guarantee to Public Sector Banks.

After the Cabinet approval on PCGS on 20.05.2020, the Operational Guidelines for the Scheme were issued on 20.05.2020 itself. Banks have approved the purchase of a portfolio of Rs. 14,000 crore and are currently in process of approval/negotiations for Rs. 6,000 crore as of 3^rd July 2020.

6. Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD

New front loaded special refinance facility of Rs. 30,000 crore sanctioned by NABARD during COVID-19 to RRBs & Cooperative Banks. This special facility to benefit  3 crore farmers,  consisting mostly of small and marginal farmers in meeting their credit needs for post-harvest and Kharif sowing requirements. When Kharif sowing is already on its full swing Rs. 24,876.87 crore out of Rs. 30,000 crore has been disbursed as on 06.07.2020, out of this special facility.

7. Rs 50,000 crore liquidity through TDS/TCS rate reduction

The Department of Revenue, vide its Press Release dated 13.05.2020, announced the reduction in TDS rates for specified payments to residents and specified TCS rates by 25% for transactions made from 14^th May, 2020 to 31^st March, 2021.

8. Other Direct Tax Measures

Between April 8 and June 30, the Central Board of Direct Taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore, as stated in the press release dated July 3, 2020. Remaining refunds are under process. The Department also issued Notification dated 24.6.2020, the due date for the income tax return for FY 2019-20 (Assessment Year 2020-21)  has been extended from 31^st July, 2020 (for individuals  etc.) and  31^st October 2020 (for companies etc.) to 30^th November 2020.  Further, the due date for furnishing of tax audit report has also been extended from existing 30^th September 2020 to 31^st October, 2020.

The Department of Revenue has extended the time barring date for assessments getting barred by limitation on 30^th September, 2020 to 31^st March, 2021.  In this regard, through the Press Release dated 24.6.2020, it has been already been communicated that making payment without additional amount under the ‘Vivad Se Vishwas’ Scheme will be extended to 31^st December 2020 and the legislative amendments for the same in the Vivad Se Vishwas Act, 2020 (VsV Act) shall be moved in due course to time. Further, through the Notifications, compliance dates mentioned under the VSV Act falling during period 20^th March, 2020 to 30^th December, 2020 have been extended to 31^st December, 2020.

9. Further enhancement of Ease of Doing business through IBC related measures

The Ministry of Corporate Affairs has raised the threshold of default under Section 4 of the IBC, 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh) i.e. “in the exercise of powers conferred under Section 4 of Insolvency & Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby specified Rs 1 crore as the minimum amount of default for the purposes of the said section” vide Notification dated 24.6.2020.

The Ministry of Corporate Affairs is finalizing a special insolvency resolution under section 240A of the Code, to provide relief to the MSMEs and the same would be notified soon.

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 has been promulgated on 5^th June, 2020 thereby provided for insertion of Section 10A in the Insolvency and Bankruptcy Code 2016 to temporarily suspend initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7, 9 & 10 of the Code for a period of six months or such further period, not exceeding one year from such date.

10. Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs

After the Cabinet approval of the Special Liquidity Scheme for NBFCs/HFCs, the Scheme has been launched.  RBI has also issued a circular to NBFCs and HFCs on 1^st July 2020 itself on the Scheme. SBICAP has received 24 applications requesting about Rs. 9,875 crore of financing as on 7^th July 2020 which are being processed.  The first application in this regard has received its approval and the remaining are also being considered.

The Press Release can be accessed at: https://pib.gov.in/PressReleasePage.aspx?PRID=1638112