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Now, even defaulters can borrow more

MUMBAI: In a move that will enable even delinquent borrowers to avail of additional bank loans, the government on Friday extended the scope of its Emergency Credit Line Guarantee Scheme to those with repayment overdues of up to 60 days.
The department of financial services said the facility would be available to 26 stressed sectors identified by a committee headed by former ICICI Bank chief K V Kamath. The list includes everything from healthcare, aviation and corporate retail outlets to power, cement, construction and textiles.
So borrowers from these sectors with outstanding loans of Rs 50-500 crore can avail of the special facility.

The amendment to the Rs 3 lakh crore ECLGS was announced as more cities went under a fresh lockdown…

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