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28/04/23 07:00 AM IST

Revamped CGTMSE Scheme

In News
  • Union Minister for MSME Shri Narayan Rane launched the revamped CGTMSE Scheme in Mumbai.
New Features
  • 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% pa only.
  • Another major change announced was raising of 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.
About CGTMSE
  • It was launched in 2000 by the Government of India (GoI) to make available collateral-free credit to the micro and small enterprise sector.
  • Both the existing and the new enterprises are eligible to be covered under the scheme.
  • The corpus of CGTMSE is being contributed by the GoI and SIDBI in the ratio of 4:1 respectively.
Source- PIB

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