Finance Minister Nirmala Sitharaman announces additional economic relief measures.
-We are announcing about 8 economic relief measures, of which four are absolutely new & one is specific to health infrastructure. For Covid-affected areas, Rs 1.1 lakh crores credit guarantee scheme and Rs 50,000 crores for health sector: Union Finance Minister Nirmala Sitharaman.
-Under Credit Guarantee Scheme, which is a new scheme, 25 lakh people to be benefitted. Loan to be given to the smallest borrowers by Microfinance Institutions. A maximum Rs 1.25 lakhs amount to be lent. Focus is on new lending & not on repayment of old loans: Finance Minister
—FM announces Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors
-The interest rate under the new Credit Guarantee Scheme is 2% below RBI prescribed rate, with a loan duration of 3 years. Focus on new loans, stressed borrowers except NPAs to be covered: Finance Minister.
-The new Credit Guarantee Scheme will also reach out to the smallest of the small borrowers in the hinterland, including in small towns: Finance Minister