- Quality Council of India
- Emergency Credit Line Guarantee Scheme
Focus: GS II: Autonomous Bodies, Institutions, National Institutions
Why in News?
The Quality Council of India is set to celebrate its Silver Jubilee at the Ambedkar International Centre in New Delhi with a special event intended to share India’s journey of growth, accelerated by the enhancement of quality.
- QCI launches a marquee campaign–‘Gunvatta Se Atmanirbharta’ to celebrate India’s commitment to quality
Quality Council of India (QCI):
- Quality Council of India (QCI) was set up in 1997 as an autonomous body.
- It was setup jointly by the Government of India and the Indian Industry represented by the three premier industry associations i.e.
- Associated Chambers of Commerce and Industry of India (ASSOCHAM),
- Confederation of Indian Industry (CII) and
- Federation of Indian Chambers of Commerce and Industry (FICCI)
- It aims to establish and operate national accreditation structure and promote quality through National Quality Campaign.
- The Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, is the nodal ministry for QCI.
- Chairman of QCI is appointed by the Prime Minister on recommendation of the industry to the government.
Focus: GS II: Government Schemes
Why in News?
Recognising that an efficient and strong civil aviation sector is vital for the economic development of the country, the Department of Financial Services (DFS), Ministry of Finance, has modified the Emergency Credit Line Guarantee Scheme (ECLGS) to enhance the maximum loan amount eligibility for airlines under ECLGS 3.0 to 100% of their fund based or non-fund-based loan outstanding.
About Emergency Credit Line Guarantee Scheme (ECLGS)
- Emergency Credit Line Guarantee Scheme (ECLGS) was announced as part of the Atma Nirbhar Bharat Package in 2020
- Objective: to help businesses including MSMEs to meet their operational liabilities and resume businesses in view of the distress caused by the COVID-19 crisis, by providing Member Lending Institutions (MLIs).
- It provides 100% guarantee coverage against any losses suffered by them due to non-repayment of the ECLGS funding by borrowers by National Credit Guarantee Trustee Company Limited (NCGTC) for additional funding of up to Rs. 3 lakh crore to eligible MSMEs and interested MUDRA borrowers.
- The credit will be provided in the form of a Guaranteed Emergency Credit Line (GECL) facility.
- Tenor of the loan under Scheme shall be four years with a moratorium period of one year on the principal amount.
- No Guarantee Fee shall be charged by NCGTC from the Member Lending Institutions (MLIs) under the Scheme.
- Interest rates under the Scheme shall be capped at 9.25% for banks and FIs, and at 14% for NBFCs.
Click Here To Read More: Emergency Credit Line Guarantee Scheme