FM Nirmala Sitharaman held a meeting with representatives from the travel, tourism and hospitality sectors to discuss additional credit-related issues. The meeting was also attended by senior finance ministry officials and heads of different public sector banks (PSBs). “Along with Sitharaman, the meeting was also attended by MoS Finance Dr Bhagwat Kishanrao Karad, Finance Secretary Secretaries for Financial Services, Economic Affairs & Revenue, Chiefs of PSBs & IBA, besides senior officials from Ministry of Finance,” the Finance Ministry stated on Twitter.

It is to be mentioned that Budget 2022-23 had offered to open an extra Rs 50,000 Crores window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support the hospitality and related services sector. “Hospitality services are in the process to recover their pre-pandemic level of business. Considering these aspects, the ECLGS will be extended up to March 2023, and Rs 50,000 Crores will expand its guarantee cover to a total cover of Rs 5 Lakh Crores, with the added amount being reserved only for hospitality and related sectors,” Sitharaman had said in the Budget speech.