India's President Ramnath Kovind has made another big announcement while addressing the joint session of Parliament on Thursday. Presenting the details of the achievements of his government, he said that the under Pradhan Mantri Mudra Yojana so far 19 crore youth have been given loans benefits. Now the government's goal is to extend the plan and reach the 30 million youth. That is, 11 million new youth will be given a loan under this scheme.
Not only this, a loan scheme of up to Rs 50 lakhs will also be taken for entrepreneurs without guarantee. Get three categories of loans Now There are three schemes under Prime Minister's Money Scheme - Infant, Teen and Young are operated. In this, banks and financial institutions provide loans ranging from Rs 50,000 to Rs 10 lakh under these schemes. There is a limit of 50000 in Kishore, 500,000 in the infant and Rs. 10 lakh in the youth.
In the current financial year, the government has sanctioned nearly 600,000 loan applications under these schemes, in which a loan amount of Rs. 32,457 crore has been distributed. A Credit Guarantee Fund has been set up under the Micro Units (CGFMU) for Guarantee.
By March 2018, loans worth approximately 40,000 crore were covered under the Credit Guarantee Scheme. About 51% of the loans covered were under the Child Plan. Under the Guarantee Scheme, fifty-member lending institutions have been registered.
Credit Guarantee Scheme for MSME (CGTMSE) being run by SIDBI (Small Industries Development Bank of India) is a growing liability. It needs to be checked with urgency.
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