What’s in the news?

• The Union Ministry of MSME has launched the revamped CGTMSE Scheme. 
• CGTMSE has been provided with an additional corpus support of ₹9,000 crore in the Union Budget for FY 2023-24 to revamp its Scheme to provide guarantee for additional ₹2 lakh crore to Micro & Small Enterprises. 
• Accordingly, the major revamp measures were launched and disseminated to the lending institutions. 
• The modifications included reduction in guarantee fees for loans upto ₹1 crore by 50% bringing the minimum guarantee fee to the level of 0.37% Per Annum only. 
• Another major change announced was raising the ceiling for guarantee from ₹2 crore to ₹ 5 crore and enhancing the threshold limit for claim settlement without initiation of legal action to ₹10 lakh.

https://pib.gov.in/PressReleasePage.aspx?PRID=1920289