Andhra Pradesh Cheif Minsiter Jagan Mohan Reddy (File Photo)
Andhra Pradesh Cheif Minsiter Jagan Mohan Reddy (File Photo)

AP: Government launches Dr. Y.S.R Navodayam scheme to ease MSME sector

ANI | Updated: Aug 06, 2019 20:02 IST

Amaravati (Andhra Pradesh) [India], Aug 6 (ANI): The government will launch a scheme for restructuring of loans of Micro Small and Medium Enterprises Development (MSMEs) under the Dr YSR Navodayam scheme to support the stressed MSME sector.
The decision has been taken as the MSME sector contributes immensely for the economic development of the state and employment creation to the local youth.
The scheme will cater to the need of financial support and timely help from the Financial Institutions.
Under the scheme, the people having accounts under the MSME act of 2006, will be restructured that have become stressed. RBI has decided to permit a one-time restructuring of existing loans to MSMEs classified as 'standard' without a downgrade in the asset classification.
This scheme will provide a lifeline to stressed MSMEs by ensuring that all the eligible MSME units are permitted for a one-time restructuring of accounts up to 31-03-2020 and a new ecosystem for MSMEs is created in the State. (ANI)