25 lakh new Kisan Credit Card holders sanctioned with loan limit of Rs 25,000 cr: Sitharaman
BusinessToday.In May 14, 2020
Union Finance Minister Nimala Sitharaman on Thursday said that the 25 lakh new Kisan Credit Card holders have been sanctioned with a loan limit of Rs 25,000 crore. Kisan Credit Card is a government scheme which aims to save farmers from high-interest rates usually charged by money lenders in the unorganised sector. The incentive on crop loans provided till March has been extended to May 31 to support farmers, Sitharaman also said this while sharing details of the second phase of the economic stimulus package worth Rs 20 lakh crore.
Adding, she said that 3 crore farmers with agricultural loans of Rs 4.22 lakh crore availed the benefit of 3-month loan moratorium. The finance minister's today's announcements are focussed on migrant workers, street vendors, small traders, small farmers.
Finance Minister Nirmala Sitharaman on Wednesday announced a slew of economic measures to support stressed Micro, Small and Medium Enterprises (MSMEs). She announced Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs, which will benefit
45 lakh units. She also announced Rs 20,000 crore sub-ordinate debts for stressed MSMEs, which will likely benefit around 2 lakh micro, small and medium industries.
The finance minister said that functioning MSMEs that are non-performing assets or stressed will also be eligible for such loans. She added that the government will provide a support of Rs 4,000 crore to CGTMSE (Credit Guarantee Funds Trust for Micro and Small Enterprises), which will provide partial credit guarantee support to banks.