Del. HC: If Accused Discharged/Acquitted under PMLA, Properties Attached Shall be Released  ||  Bom. HC: For Issuing Reopening Notice After Three Years, Sanctioning Authority has to be PCCIT  ||  Del. HC: Delhi Govt. to Frame Policy for Compensation to Victims of Chinese Manjha  ||  Del HC: Stay on Delhi Govt’s Circular Asking Private Unaided Schools to Get Sanction Before Fee Hike  ||  SC: Stamp Duty Can be Imposed by State on Insurance Policies Executed Within State  ||  SC: IO to Make Clear & Complete Entries in Chargesheet, Role Played by Each Accused to be Mentioned  ||  Madras High Court: Guidelines Issued to Eradicate Manual Scavenging  ||  Ker. HC: Payment of Interest Can’t be Reviewed or Added While Enforcing Foreign Award  ||  Del. HC: ED Cannot Invoke Section 50 of PMLA Against Citizens Who Aren’t Suspects  ||  SC: Without Examining Lawfulness of 'Minutes of Order' Filed by Advocates, Orders Cannot be Passed    

Centre launches the revamped CGTMSE Scheme - (27 Apr 2023)

Commercial

Union Minister for MSME launched the revamped CGTMSE Scheme (Credit Guarantee Fund Trust for Micro and Small Enterprises Scheme). CGTMSE has been provided with an additional corpus support of Rs. 9,000 crore in the Union Budget for FY 2023-24 to revamp its Scheme to provide guarantee for additional Rs. 2 lakh crore to Micro and Small Enterprises. Accordingly, the major revamp measures were launched and disseminated to the lending institutions.

The modifications included reduction in guarantee fees for loans upto Rs. 1 crore by 50% bringing the minimum guarantee fee to the level of 0.37% pa only. Another major change announced was raising of ceiling for guarantee from Rs. 2 crore to Rs. 5 crore and the threshold limit is enhanced for claim settlement without initiation of legal action to Rs. 10 lakh. While launching the revamp measures Union Minister impressed upon the lending institutions to make best use of liberalisation to ensure enhanced lending to the MSE Segment without insisting for collateral. These measures would enthuse bankers to reduce their dependence on availability of collateral security which continues to be a problem for MSEs, especially the first generation entrepreneurs.

Chairman and Managing Director, SIDBI (who is also the Chairman of CGTMSE) said that, CGTMSE has been taking various initiatives which aims at boosting credit flow to MSEs by making the guarantee Scheme attractive for both MSEs as well as for the lenders. He also indicated that CGTMSE would come out with more schemes and assured the lenders that it would always be nimble footed in responding to their requirements. These measures will go a long way in facilitating collateral free lending to MSEs in the country and thus, to create employment in a big way.

Tags : SCHEME   MEASURE   LAUNCH  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved