Banks have cumulatively disbursed close to Rs 1.15 lakh crore to 24.70 lakh MSME accounts under the Rs 3-lakh crore targeted emergency credit line guarantee (ECLGS) scheme announced by the government in June to help small businesses survive the pandemic shocks, according to a CARE Ratings report.
The cumulative sanctions touched 54 per cent or Rs 1.61 lakh crore of the target of Rs 3 lakh crore as of September 3, as per data collated by the agency.
"As of September 3, banks have together sanctioned Rs 1,61,018 crore to 41.94 lakh accounts and disbursed Rs 1,13,713 crore to 24.70 lakh accounts under the scheme. The cumulative sanction is 54 per cent of the total target of Rs 3 lakh crore," the report said.
The average sanction and average disbursement per account is Rs 3.84 lakh and Rs 4.60 lakh, respectively.
The share of state-run banks sanctions and disbursements in total sanctions and disbursements stood at 48 per cent and 55 per cent, while private banks share stood at 52 per cent and 45 per cent, respectively as of September, it said.
While state-owned banks sanctioned Rs 78,067 crore and disbursed Rs 62,026 crore, private ones sanctioned Rs 82,950 crore and disbursed Rs 51,687 crore.
State-run banks sanctioned Rs 78,067 crore to 33.68 lakh accounts and disbursed Rs 62,026 crore to 21.28 lakh accounts, with an average sanction and average disbursement of Rs 2.32 lakh and Rs 2.91 lakh, respectively, the report said.
Private ones sanctioned Rs 82,950 crore to 8.25 lakh accounts and disbursed Rs 51,687 crore to 3.42 lakh accounts with the average sanction and average disbursement at Rs 10.05 lakh and Rs 15.10 lakh, respectively, it said.
State Bank of India leads with sanctions and disbursements of Rs 24,389 crore and Rs 18,972 crore, respectively.
Maharashtra and Tamil Nadu continue to get the maximum sanctions at Rs 8,064 crore and 7,817 crore, respectively, and disbursements at Rs 6,708 crore and Rs 6,150 crore respectively, it said.