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Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises:
- It provides guarantee cover to collateral and third party guarantee free credit facilities.
- It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Credit Guarantee Fund Trus...
And Medium Enterprises and Small Industries Development Bank of India.
The first statement is true. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provides guarantee cover to collateral-free and third-party guarantee-free credit facilities extended by eligible lending institutions to micro and small enterprises.
The second statement is partially true. The CGTMSE was jointly set up by the Ministry of Micro, Small and Medium Enterprises (MoMSME) and the Small Industries Development Bank of India (SIDBI) in 2000. However, it is important to note that the Trust is an autonomous body and operates independently of the government.
The first statement is true. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provides guarantee cover to collateral-free and third-party guarantee-free credit facilities extended by eligible lending institutions to micro and small enterprises.
The second statement is partially true. The CGTMSE was jointly set up by the Ministry of Micro, Small and Medium Enterprises (MoMSME) and the Small Industries Development Bank of India (SIDBI) in 2000. However, it is important to note that the Trust is an autonomous body and operates independently of the government.
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Community Answer
Consider the following statements regarding Credit Guarantee Fund Trus...
The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) Scheme has approved a credit guarantee of Rs. 1 lakh crore in just 7 months of the current financial year 2023-24.
- It was launched in 2000.
- Funding: The corpus of CGTMSE is being contributed by the Government of India and Small Industries Development Bank of India (SIDBI) in the ratio of 4:1.
- Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is jointly set up by Ministry of Micro, Small & Medium Enterprises (MSME), Government of India and Small Industries Development Bank of India (SIDBI) to catalyse flow of institutional credit to Micro & Small Enterprises (MSEs).
- CGTMSE has been instrumental in providing guarantee cover to collateral and/or third party guarantee free credit facilities extended by eligible Member Lending Institution [MLIs] to MSEs.
Key points about Small Industries Development Bank of India
- It was established under an Act of Parliament in 1990.
- It is the Principal Financial Institution engaged in the promotion, financing & development of the Micro, Small and Medium Enterprises (MSMEs) sector and the coordination of the functions of the various institutions engaged in similar activities.
- The main objective of SIDBI is to offer loans (both direct and indirect) to MSMEs to help in addressing the development and financial gaps in the ecosystem of MSMEs.
- SIDBI helps MSMEs in acquiring the funds they require to grow, market, develop and commercialize their technologies and innovative products.
- It was made responsible for administering Small Industries Development Fund and National Equity Fund.
Hence both statements are correct.
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Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Credit Guarantee Fund Trust for Micro and Small Enterprises: It provides guarantee cover to collateral and third party guarantee free credit facilities. It is jointly set up by Ministry of Micro, Small & Medium Enterprises and Small Industries Development Bank of India (SIDBI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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