Extension of Time upto 31.03.2021 for the benefits under Interest Subvention Scheme for MSMEs:
Under “Interest Subvention Scheme for MSMEs 2018’ Govt. of India has provided for an interest relief of two per cent per annum to eligible MSMEs ( Micro, Small and Medium Enterprises) on their outstanding, fresh and incremental term loan/working capital during the period of its validity. The coverage of the Scheme is limited to all term loans / working capital to the extent of ₹100 lakh. However the loan accounts on the date of filing claim should not have been declared as NPA as per the guidelines of Reserve Bank of India. No interest subvention shall be admissible for any period during which the account remains NPA.
Vide the Notification October 7, 2020, Reserve Bank of India has notified the following modifications for the benefits of MSMEs with the corresponding changes by the Govt. of India in the Interest Subvention Scheme for MSMEs 2018: