Important Cabinet Approvals: 20 May 2020

Important Cabinet Approvals: 20 May 2020

Following are the various approvals related to national level schemes made during the meeting of Union Cabinet, chaired by the Prime Minister Shri Narendra Modi on 20 May 2020.

  • Modification in existing Partial Credit Guarantee Scheme (PCGS): approved Sovereign portfolio guarantee of up to 20% of first loss to Public Sector Banks (PSBs) for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below (including unrated paper with original/ initial maturity of up to one year) issued by NBFCs/ MFCs/Micro Finance Institutions (MFIs).
  • Scheme for Formalisation of Micro food processing Enterprises (FME): It is a Centrally Sponsored Scheme for the Unorganized Sector on All India basis with an outlay of Rs.10,000 crore, to be shared by GOI and the States in ratio of 60:40.
  • Pradhan MantriVayaVandanaYojana (PMVVY): extended for further period of three years up to 31st March, 2023. The assured rate of return will be 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year.
  • Pradhan Mantri Matsya Sampada Yojana (PMMSY) : Scheme to bring Blue Revolution through sustainable and responsible development of fisheries sector in India. Total investment – Rs. 20,050 crore, to be implemented during a period of 5 years from FY 2020-21 to FY 2024-25.
  • AtmaNirbhar Bharat Package: Allocation of foodgrains from Central Pool to approximately 8 crore migrants / stranded migrants @ 5 kg per person per month (May and June, 2020) for two months free of cost.
  • Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity position of the NBFCs/HFCs.
  • Emergency Credit Line Guarantee Scheme: Total corpus of Rs. 41,600 crore. It will enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers. 100% guarantee coverage to be provided by National Credit Guarantee Trustee Company Limited (NCGTC).
  • Issuance of the Jammu & Kashmir Reorganisation (Adaptation of State Laws) Second Order, 2020 in relation of Jammu & Kashmir Civil Services (Decentralisation and Recruitment) Act

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