(THE GIST OF PIB) Revamped CGTMSE Scheme

(THE GIST OF PIB) Revamped CGTMSE Scheme

(April-2023)

Revamped CGTMSE Scheme

• The Union Ministry of MSME has launched the revamped CGTMSE Scheme. 

About:

• CGTMSE has been provided with an additional corpus support of ₹9,000 crore in the Union Budget for FY 2023-24 to revamp its Scheme to provide guarantee for additional ₹2 lakh crore to Micro & Small Enterprises. 
• Accordingly, the major revamp measures were launched and disseminated to the lending institutions. 
• The modifications included reduction in guarantee fees for loans upto ₹1 crore by 50% bringing the minimum guarantee fee to the level of 0.37% Per Annum only. 
• Another major change announced was raising the ceiling for guarantee from ₹2 crore to ₹ 5 crore and enhancing the threshold limit for claim settlement without initiation of legal action to ₹10 lakh.

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Courtesy: PIB