FM announced 2% interest subvention on smallest category of MUDRA-Shishu loans
- Finance Minister Nirmala Sitharaman announced Rs 1500 crore interest subvention for MUDRA-Shishu loan payees of up to Rs 50,000, for a period of at least 12 months.
- For small businesses, the minister announced a 2 per cent interest subvention on the smallest category of loans to be given under the MUDRA-Shishu loan scheme, which would add up to Rs 50,000.
- This measure would cost the Central government at least Rs 1500 crore annually.
- “Small businesses under MUDRA have been disrupted the most and it has also impacted their capacity to pay EMIs. A loan moratorium has already been granted by the Reserve Bank of India (RBI). The current portfolio of MUDRA-Shishu loans is Rs 1.62 lakh crore (on maximum loan amount of Rs 50,000),”.
About PMMY –
- Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme of Government of India to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them. It enables a small borrower to borrow from all Public Sector Banks such as PSU Banks, Regional Rural Banks and Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions (MFI) and Non Banking Finance Companies (NBFC) for loans upto Rs 10 lakhs for non-farm income generating activities.
- The scheme was launched on 8th April, 2015 by the Hon’ble Prime Mininster Narendra Modi.
Types of Loans Provided-
- Shishu : covering loans upto 50,000/-
- Kishor : covering loans above 50,000/- and upto 5 lakh
- Tarun : covering loans above 5 lakh and upto 10 lakh
- Operated By– ‘Micro Units Development and Refinance Agency Bank’
- Founded– 8 April 2015
- Headquarter– Mumbai
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