New Delhi, Sep 24 (IANS): Banks have so far sanctioned over Rs 1.77 lakh crore to MSMEs under the Emergency Credit Line Guarantee Scheme (ECLGS), it was announced on Thursday.

In a series of tweets on the progress of the scheme, the office of Finance Minister Nirmala Sitharaman said that out of the total sanctioned amount, over Rs 1.25 lakh crore has already been disbursed.

"As of 21 Sept 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by PSBs and private banks to MSMEs and individuals stands at Rs 1,77,353 crore, of which Rs 1,25,425 crore has already been disbursed," it said.

In another tweet, the Minister's office said that compared to September 3, there is an increase of Rs 16,335.32 crore in the cumulative amount of loans sanctioned and an increase of Rs 11,711.85 crore in the cumulative amount of loans disbursed by both public sector banks and private sector banks combined as on September 21.

Under the scheme, the loan amounts sanctioned by public sector banks increased to Rs 79,347.73 crore, of which Rs 65,051.89 crore has been disbursed.

The ambit of the scheme was expanded to include MSMEs with turnover of up to Rs 250 crore and individuals for business purposes.

"As of Sept 21, 2020, Rs 9,849.74 crore of loans to individuals have been sanctioned, of which Rs 2,617.08 crore has been disbursed," said another tweet.