MANU/FNSV/0041/2021

Ministry : Ministry of Finance

Department/Board : Financial Services

Notification No. : SO2668(E)

Date of Notification : 01.07.2021

Date of Publication : 01.07.2021

Notification/ Circulars Referred : Number S.O. 1443(E), dated the 18th April, 2016 MANU/FNSV/0063/2016;Notification number S.O. 1261(E), dated the 16th April, 2020 MANU/FNSV/0022/2020

Subject: Finance

Citing Reference:
Number S.O. 1443(E), dated the 18th April, 2016 MANU/FNSV/0063/2016  Modified

Notification number S.O. 1261(E), dated the 16th April, 2020 MANU/FNSV/0022/2020  Referred

Partial modification of notification number S.O. 1443(E), dated the 18th April, 2016

S.O.2668(E).--In partial modification to the notification of the Government of India in the Ministry of Finance (Department of Financial Services), number S.O. 1443(E), dated the 18th April, 2016, the Central Government hereby makes the following amendments to the Scheme known as the Credit Guarantee Fund for Micro Units (CGFMU) (hereinafter referred to as the said Scheme), namely:-

1. In the said Scheme, in paragraph 2,-

(a) in sub-paragraph (xi), the brackets and words "(Interest rate as stipulated by Mudra; presently not to exceed 12% p.a.)" shall be omitted;

(b) for sub-paragraph (xii), the following sub-paragraph shall be substituted, namely:-

'xii. "Eligible borrower" means new or existing micro unit / enterprise falling under any sector covered under PMMY or as defined in the MSMED Act, 2006 (as amended from time to time), who meets eligibility criteria prescribed by the Fund and whose credit requirement does not exceed the specified limit under PMMY. Specified limit of the loan shall be Rs.10 lakh or such other amount as may be decided by the Fund from time to time. Further, Overdraft loan amount of Rs.10,000/- sanctioned under PMJDY accounts shall also be eligible to be covered under Credit guarantee Fund. Eligibl........