Revamped credit scheme to provide additional collateral-free credit for MSMEs3 min read . Updated: 02 Feb 2023, 06:18 AM IST
The revamped credit scheme will go into effect on April 1, 2023, with a corpus infusion of 9000 crores.
With her fifth budget, Finance Minister Nirmala Sitharaman proposed a special focus on the Micro, Small, and Medium Enterprises (MSMEs) sector in the Union Budget 2023. The finance minister announced a revamped credit guarantee scheme to provide MSMEs with more collateral-free credit. MSME credit guarantee Last year, it was proposed to revamp the credit guarantee scheme for MSMEs. The revamp scheme will go into effect on April 1, 2023, with a corpus infusion of 9000 crores. This will allow for an additional two lakh crores of rupees in collateral-free guaranteed credit. Furthermore, credit costs will be reduced by about 1%.
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