New Delhi : Prime Minister Narendra Modi on Saturday announced the enhancement of credit guarantee scheme for small, medium and micro enterprises (SME) for loans up to Rs 2 crore.
“We have decided to enhance the credit guarantee scheme (credit guarantee fund for micro units development refinance agency or MUDRA) for small business so that they can access more funds to fulfil their growth potential,” the Prime Minister said in his address to the nation.
“In this regard, guarantees for loans up to Rs 2 crore will be given by the government. The earlier limit of the scheme was Rs 1 crore.”
Prime Minister said that the senior citizens of the country would get eight per cent interest rate on fixed deposits up to Rs 7.5 lakh.
“For senior citizens, we have decided that up to the amount of Rs 7.5 lakh in fixed deposits for 10 years, they would get the interest rate of eight per cent,” Modi said in his address to the nation of New Year’s Eve.
He also said that the amount earned in interest can be withdrawn on monthly basis too.
Prime Minister Modi addressed the nation a day after the nearly two-month long demonetisation exercise came to end.
