Govt extends Credit Guarantee Scheme for Subordinate Debt till March 2022

  • Industry News
  • Oct 08,21
The scheme - launched on June 24, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs - was to end on September 30, 2021.
Govt extends Credit Guarantee Scheme for Subordinate Debt till March 2022

New Delhi

The Union Government of India has announced extension of Credit Guarantee Scheme for Subordinate Debt (CGSSD) till March 31, 2022.

The Government announced creation of ‘Distressed Assets Fund- - Subordinate Debt for Stressed MSMEs’ on May 13, 2020, under the Aatmanirbhar Bharat Package. Accordingly, a scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’ was approved by the Government on June 1, 2020 and the scheme was launched on June 24, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for restructuring as per RBI guidelines on the books of the Lending institutions. This scheme was to remain in operation till March 31, 2021.

In order to keep the avenues of assistance to stressed MSME units open, the Government had earlier decided to extend this scheme for six months from March 31, 2021 to September 30, 2021.

On the basis of the requests received from the stakeholders of the scheme, the Government has decided to further extend it by a period of another six months beyond September 2021. The scheme will now remain operational till the end of March 2022. 

Related Stories

Electrical & Electronics
Supply Chain, Testing Hurdles hinder India's electrical growth: IEEMA President

Supply Chain, Testing Hurdles hinder India's electrical growth: IEEMA President

Arsiwala also emphasized the need for clearer state-level energy policies, particularly in emerging sectors like e-mobility, renewables, and green hydrogen

Read more
Policy Regulation
Bajaj allocates Rs 5000 cr to CSR Skill Development

Bajaj allocates Rs 5000 cr to CSR Skill Development

The Group’s key CSR initiative includes Bajaj Engineering Skills Training (BEST) programme, launched in 2023, which aims to enhance the skills of engineering and diploma graduates in the latest te..

Read more
Policy Regulation
India's exports may hit $ 450B in 2024 amidst Red Sea mishap, says Ashwani Kumar

India's exports may hit $ 450B in 2024 amidst Red Sea mishap, says Ashwani Kumar

The main drivers of merchandise export growth in February include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products

Read more

Related Products

Tata Motors unveils facilities for development of Hydrogen propulsion tech

AUTO COMPONENTS & ACCESSORIES

Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more

Request a Quote

Tata Motors plans petrol powertrain for Harrier and Safari SUVs

AUTO COMPONENTS & ACCESSORIES

Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more

Request a Quote

Electric Vehicle Charger

AUTO COMPONENTS & ACCESSORIES

RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back