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Government announces 2 percent interest subsidy under Mudra Yojana

  • Category
    Miscellaneous
  • Published
    1st Jul, 2020

The government approved a 2 percent interest subsidy scheme for Shishu loan account holders under the Mudra Yojana to help small businesses tide over difficulties created by the lockdown following outbreak of coronavirus disease.

  • The government approved a 2 percent interest subsidy scheme for Shishu loan account holders under the Mudra Yojana to help small businesses tide over difficulties created by the lockdown following outbreak of coronavirus disease.
  • Under Shishu category, lenders provide collateral-free loans of up to Rs 50,000.
  • The 2 per cent interest subvention is estimated cost of the exchequer approximately Rs 1,542 crore.

What is Pradhan Mantri Mudra Yojana?

  • The PMMY was launched by Prime Minister Narendra Modi on April 8, 2015, for providing loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises.

The scheme’s objective is to refinance collateral-free loans given by the lenders to small borrowers.

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