Government announces 2 per cent interest subsidy for small borrowers under Mudra Yojana
Government announces 2 per cent interest subsidy for small borrowers under Mudra Yojana https://www.fundstiger.com/government-2-interest-subsidy-mudra-yojana/ The government on Wednesday approved a 2 per cent 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, Information and Broadcasting Minister Prakash Javadekar told reporters after the Cabinet meeting. “Union Cabinet chaired by Prime Minister approved the scheme for interest subvention of 2 per cent for a period of 12 months, to all Shishu loan accounts under Pradhan Mantri Mudra Yojana (PMMY) At end-March 2020, about 9.37 crore loan accounts under the Shishu category of PMMY with a total loan amount of about...