Saturday, Aug 08, 2020 | Last Update : 03:07 PM IST

136th Day Of Lockdown

Maharashtra49026232728117092 Tamil Nadu2850242275754690 Andhra Pradesh2069601204641842 Karnataka164924842322998 Delhi1427231282324082 Uttar Pradesh113378668341981 West Bengal89666630601954 Telangana7525753239601 Bihar7179446294400 Gujarat68855517922604 Assam5549737225132 Rajasthan4941835186763 Odisha4255028698292 Haryana4005433444467 Madhya Pradesh3729827621962 Kerala3170019147103 Jammu and Kashmir2392716218449 Punjab1901512491462 Jharkhand140705199129 Chhatisgarh10109761369 Uttarakhand8008484795 Goa7075511460 Tripura5520367528 Puducherry4147253758 Manipur301818147 Himachal Pradesh2879171013 Nagaland24056594 Arunachal Pradesh179011053 Chandigarh120671520 Meghalaya9173305 Sikkim7832971 Mizoram5022820
  Business   Economy  13 May 2020  Rs 3 lakh crore collateral-free automatic loan for businesses, MSMEs: Sitharaman

Rs 3 lakh crore collateral-free automatic loan for businesses, MSMEs: Sitharaman

ANI
Published : May 13, 2020, 5:33 pm IST
Updated : May 13, 2020, 5:33 pm IST

To provide stressed MSMEs with equity support, the government will facilitate the provision of Rs. 20,000 crore as subordinate debt

 Union Finance Minister Nirmala Sitharaman. (PTI Photo)
  Union Finance Minister Nirmala Sitharaman. (PTI Photo)

New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs.

Sitharaman stated that borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover will be eligible for these. The loans will have a four year tenor with a moratorium of 12 months on principal payment, while interest will be capped, she added.

 

"100 per cent credit guarantee cover to banks and NBFCs on principal and interest. The scheme can be availed till October 31, 2020. 45 lakh units can resume business activity and safeguard jobs," the Finance Minister said.

Besides this, Sitharaman stated that to provide stressed MSMEs with equity support, the government will facilitate the provision of Rs. 20,000 crore as subordinate debt.

The announcements came a day after Prime Minister Narendra Modi announced a Rs 20 lakh crore special economic package amid nationwide COVID-19 lockdown.

"Prime Minister laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society. Essentially this is to spur growth and to build a very self reliant India and that is why this whole initiative is called Atmanirbhar Bharat Abhiyan," Sitharaman said.

 

"Five pillars of 'Atmanirbhar Bharat- economy, infrastructure, system, demography and demand. Atmanirbhar (self-reliant) India does not mean India is to be an isolationist country," she added.

She also informed that beginning today, over the next few days she along with the team will address media to put forth Prime Minister's vision.

"We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, divyang and the aged of the country," Sitharaman said.

Tags: finance minister, nirmala sitharaman, loans, businesses, msme, business activity, atmanirbhar bharat abhiyan, atmanirbhar, bharat- economy, infrastructure, system, demography, demand, prime minister modi, pm modi, migrant workers
Location: India, Delhi, New Delhi