ECLGS shoud be made industry-friendly: SISPA
SISPA urges ECLGS to simplify processes for MSMEs, ensuring timely support and consistent documentation across banks for better access.
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Emergency Credit Line Guarantee Scheme (ECLGS-5.0), which aims to provide additional liquidity support to MSMEs in the current challenging economic conditions, should be made simple and industry-friendly for the MSMEs to benefit from it, said Jagadesh Chandran, secretary of the South India Spinners Association.Many MSMEs have reported that even after submitting complete applications, there is no defined timeline for sanction and disbursement. The applications should be accepted or rejected within 15 working days, and banks should provide written reasons in case of delay or rejection.An online tracking mechanism can be introduced to monitor the status of the applications.
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