Government enhances credit guarantee scheme for up to Rs 2 crore: PM Modi

New Delhi, Dec 31 (IANS) 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 Modi addressed the nation a day after the nearly two-month long demonetisation exercise came to end.