Published: 29th Jun, 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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