Govt may allow cooperative banks to lend under MSME credit guarantee scheme
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NEW DELHI, Aug. 10 -- The government may include cooperative banks as a lending institution under the emergency credit line guarantee scheme (ECLGS) that was announced to support stressed micro, small and medium enterprises (MSME).
MSME minister Nitin Gadkari said the finance minister will take a decision in this regard soon.
"The finance minister has explained that due to the dual regulation and supervision, cooperative banks are not included as member lending institutions (MLIs) under ECLGS. However, data regarding their financial position is being collected from scheduled state cooperative banks and urban cooperative bank to include them as MLIs under the scheme, in consultation with the Reserve Bank of India, depending on availabili...
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