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Government increases credit guarantee for MSME by Rs one crore

“Banks should give loans, we take guarantee,” PM Modi said adding that the government has told banks that cash credit limit for small enterprises be increased to 25 percent from 20 percent.

By: ANI | New Delhi |
December 31, 2016 9:22:53 pm
Cash withdrawal limit from #ATMs increased to Rs 4,500 from Rs 2,500, effective January 1 Prime Minister Narendra Modi.

Prime Minister Narendra Modi while addressing the nation on the eve of the New Year on Saturday announced an increase in credit guarantees for Micro, Small and Medium Enterprises (MSME) from Rs. one crore to Rs. two crores. Stating that making the MSME an important contribution in society, the Prime Minister said, “For MSMEs, we have decided to increase credit guarantee for them to two crore from one crore.” He added that Non Banking Financial Company (NBFC) loans will also be covered under this scheme. “Banks should give loans, we take guarantee,” he said adding that the government has told banks that cash credit limit for small enterprises be increased to 25 percent from 20 percent.

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Reiterating the government’s decision to give tax relief to small businessmen on cashless transaction, Prime Minister Modi said, “Now on their (small businessmen) digital transactions, tax will be calculated on six percent of their income (which was earlier calculated on eight percent).” Announcing a new scheme for pregnant women, the Prime Minister said, “Rs. 6000 will be credited to (pregnant) women’s accounts for registration, delivery, vaccination, nutrition.” However, the scheme will only be launched in 53 districts in the initial phase and only Rs 4000 will be given.

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