In news:
Ministry of MSME, has warned the general public and potential entrepreneurs against cheating in the name of the PMEGP.
More information:
- Instances are reported to the Ministry that potential entrepreneurs and beneficiaries are being approached by private persons or agencies offering loans under PMEGP Scheme and handing over loan sanction letters and cheating the entrepreneurs by charging money from them.
About the scheme:
- It is a central sector credit linked subsidy scheme being implemented by the Ministry of MSME since 2008-09.
- It assists first generation entrepreneurs for setting up micro enterprises across the country.
- The entire process of application and fund flow right from receipt of application to sanction and release of loan by banks to the applicants has been made online through only one Government portal run by Khadi and Village Industries Commission.
- The whole process is totally free of cost.
- No private agency, middlemen or franchise is engaged or authorized for promoting and sanctioning PMEGP projects or providing any financial assistance under PMEGP scheme.
Source: PIB
