ECLGS shoud be made industry-friendly: SISPA
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. Since the primary purpose of the scheme is to support industries facing temporary financial difficulties, banks should be advised to give priority to eligible SMA-1 and SMA-2 accounts. Stressed MSMEs that have capability to revive should receive preferential support.The textile and spinning sector faces significant challenges due to fluctuating raw material prices, reduced demand and working capital constraints.
- ▪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.
- ▪Since the primary purpose of the scheme is to support industries facing temporary financial difficulties, banks should be advised to give priority to eligible SMA-1 and SMA-2 accounts.
- ▪Stressed MSMEs that have capability to revive should receive preferential support.The textile and spinning sector faces significant challenges due to fluctuating raw material prices, reduced demand and working capital constraints.
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| Canonical URL | https://www.thehindu.com/news/cities/Coimbatore/eclgs-shoud-be-made-industry-friendly-sispa/article71097133.ece |
| Publication time | Sat, 13 Jun 2026 18:09:17 +0530 |
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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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