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Cabinet approves creation of a Credit Guarantee Fund for MUDRA loans – A boost to refinance operations

News and Press Release - Dated:- 6-1-2016 - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for the creation of a Credit Guarantee Fund for Micro Units Development Refinance Agency (MUDRA) loans and to conve .....

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The salient features of the scheme are as follows: (i) Establishment of Credit Guarantee Fund for MUDRA Units(CGFMU) for guaranteeing loans sanctioned under Pradhan Mantri Mudra Yojana with effect from 8th April, 2015 with the objective to reduce the .....

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the Companies Act, 1956 (2013) to manage and operate various credit guarantee funds, shall be the Trustee of the Fund. (iii) The guarantee would be provided on portfolio basis to a maximum extent of 50% of Amount in Default in the portfolio. The MUDR .....

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