New Delhi: Addressing the press conference over special economic package of Rs 20 lakh crore, Finance Minister Nirmala Sitharaman announced Rs 3 lakh crore collateral-free automatic loans for businesses including Small and Medium Enterprises (SMEs).
# Beginning today, over the next few days we will come before you (the media) with a team to put forth the PM’s vision.
# We shall not forget that we do have a responsibility towards the poor, needy, the migrants workers, divyang and the aged of the country.
# In a major initiative, we announce Rs 3 lakh crore collateral-free automatic loans for businesses, including SMEs. Collateral free loan to be provided to SMEs with 12-month moratorium; 45 lakh units to benefit.
# Borrowers with up Rs 25 cr outstanding and Rs 100 cr turnover are eligible. Government will provide stressed MSMEs with equity support; government will facilitate the provision of Rs 20,000 crores as subordinate debt.