Rs.5000 cr credit facility for street vendors; interest benefit for MUDRA loanees: FM

In a huge relief for street vendors on Thursday, Union Finance Minister Nirmala Sitharaman anunced decision of Centre to launch a special scheme within a month to facilitate easy credit access for former. Maintaining that re was an verse impact on ir livelihoods due to COVID-19 pandemic, Sitharaman ted that 50 lakh street vendors would benefit as a result of liquidity of Rs.5000 crore being provided by Union government. She ded that enhanced working capital limit would be me available for good repayment behaviour. 

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Centre offers interest subvention for MUDRA loanees

Meanwhile, Sitharaman also unveiled measures for small businesses having MUDRA-Shishu loans. According to Sitharaman, vel coronavirus crisis has impacted ability of se businesses to pay EMIs. While ackwledging that loan moratorium has alrey been granted by Reserve Bank of India, she declared that Union government would provide interest subvention of 2% for prompt payees for a period of two months. This translates to a benefit of Rs.1,500 crore for MUDRA-Shishu loanees. Currently, total portfolio of MUDRA-Shishu loans is Rs.1.62 lakh crore.

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During press briefing, Union Finance Minister disclosed that migrants who do t have a ration card shall be entitled to free 5 kg of grains per person and 1 kg of chana per family for two months. Rs.3,500 crore will be spent on this initiative lending relief to nearly 8 crore migrants. Moreover, 'One Nation One Ration Card shall be implemented by August 2020.

ditionally, NABARD will extend ditional refinance support of Rs.30,000 crore for crop loan requirement of rural cooperative banks and Regional Rural Banks benefiting 3 crore small and marginal farmers. Also, a special drive would be undertaken to provide concessional credit to PM Kisan Yojana beneficiaries through Kisan Credit Cards. 

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