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Business News/ Industry / Banking/  Govt to provide 2% interest subsidy to 'Shishu' borrowers under Mudra Yojna
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Govt to provide 2% interest subsidy to 'Shishu' borrowers under Mudra Yojna

Under the Shishu category, collateral free loans of up to ₹50,000 are given to beneficiaries
  • These loans are given by commercial banks, RRBs, small finance banks, MFIs and NBFCs
  • The PMMY was launched by Prime Minister Narendra Modi on April 8, 2015 for providing loans up to 10 lakh to non-corporate, non-farm small or micro enterprisesPremium
    The PMMY was launched by Prime Minister Narendra Modi on April 8, 2015 for providing loans up to 10 lakh to non-corporate, non-farm small or micro enterprises

    New Delhi: The government on Wednesday decided to provide 2 per cent interest subvention to borrowers under the 'Shishu' category of the flagship Pradhan Mantri MUDRA Yojana (PMMY).

    Under the Shishu category, collateral free loans of up to 50,000 are given to beneficiaries.

    The Union Cabinet approved the scheme for interest subvention of 2 per cent to Shishu loan category borrowers under PMMY, outstanding as on March 31, 2020, for a period of 12 months to eligible borrowers, Information and Broadcasting Minister Prakash Javadekar said.

    The PMMY was launched by Prime Minister Narendra Modi on April 8, 2015 for providing loans up to 10 lakh to non-corporate, non-farm small/micro enterprises.

    These loans are classified as MUDRA loans under PMMY. These loans are given by commercial banks, RRBs, small finance banks, MFIs and NBFCs.

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    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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    Published: 24 Jun 2020, 04:08 PM IST
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