YSR Navodayam Scheme details which restructuring of loans of MSME

YSR Navodayam Scheme details

YSR Navodayam Scheme, AP Govt launched YSR Navodayam scheme for restructuring of loans of Micro Small and Medium Enterprises Development (MSMEs).

The Andhra Pradesh government launched 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 Andhra Pradesh Government launched a scheme called YSR Navodayam on 17 October 2019 (Thursday). The scheme aims to bail out(Save) the micro, small and medium enterprises (MSMEs) in the State and provide them financial support by restructuring their bank loans before March 31,2020.

The decision has been taken by the AP Government as the MSME sector contributes the economic development of the state and employment creation to the local youth.

Under this scheme, the people having accounts under the MSME act of 2006, will be restructured that have become stressed. RBI has now taken decision to permit a one-time restructuring of existing loans which were grated previously 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 eligible MSME units are permitted for a one-time restructuring of accounts up to 31-03-2020. A new ecosystem for MSMEs has been created in Andhra Pradesh State.

The AP Chief Minister YS Jaganmohan Reddy inaugurated the scheme at his camp office at Tadepalli.

Under this scheme, about 80,0000 MSMEs in the State would get benefited as their bank loans, which are subject to a ceiling of Rs 25 crores, would be restructured. They would get more financial support and more time for repayment of the loan.

The state’s Finance Minister Buggana Rajendranath said MSMEs were perpetually plagued by working capital shortage and many of them were becoming non-functional due to the problem. The State Government launched the scheme to rescue them.

Andhra Navodayam Scheme Eligibility Criteria

YSR Navodayam Scheme 2019 is launched only for the people of Andhra Pradesh State.

Tailors, weavers, barbers & people working in MSMEs are eligible for this scheme benefit.

State government will also provide the income criteria for the scheme eligibility very soon.

To take the benefit of this scheme people need to provide their bank account details.