MSME Minister, Narayan Rane launched the revamped CGTMSE Scheme in Mumbai today. CGTMSE has been provided with an additional corpus support of Rs. 9,000 crores in the Union Budget for FY 2023-24 to revamp its Scheme to provide a guarantee for an additional Rs. 2 lakh crore to Micro & Small Enterprises.

• Accordingly, the major revamp measures were launched and disseminated to the lending institutions. The modifications included a reduction in guarantee fees for loans up to Rs. 1 crore by 50 per cent bringing the minimum guarantee fee to the level of 0.37 per cent pa only.
• Another major change announced was raising of ceiling for a guarantee from Rs. 2 crores to Rs. 5 crores and enhancing the threshold limit for claim settlement without initiation of legal action to Rs. 10 lahks.