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Govt announces Rs 1,500 cr interest subvention for Mudra-Shishu loans

Govt announces Rs 1,500 cr interest subvention for Mudra-Shishu loans

Govt announces Rs 1,500 cr interest subvention for Mudra-Shishu loans
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By CNBC-TV18 May 14, 2020 5:56 PM IST (Updated)

Finance Minister Nirmala Sitharaman, while announcing the second tranche of the economic stimulus package on Thursday, said that the government will provide interest subvention of 2 percent for prompt Mudra-Shishu loans payees for a period of 12 months post moratorium.

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This will provide relief to the tune of Rs 1,500 crore, the FM said, adding further that about 3 crore people are likely to be benefited by the 2 percent interest subvention.
The current outstanding amount under the Mudra-Shishu loans category is Rs 1.62 lakh crore. Under Mudra-Shishu category, the maximum loan amount is Rs 50,000.
The government said that businesses under Mudra have been disrupted the most and their capacity to pay EMIs has been impacted severely.
The second tranche of announcements focused on migrant workers, small traders and farmers, self-employed people and street vendors.
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