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Nirmala Sitharaman & Neiphiu Rio launches Chief Minister's Micro Finance Initiative

Published on August 24, 2022
Current Context: Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and Nagaland Chief Minister Neiphiu Rio launches Chief Minister's Micro Finance Initiative in Kohima.
Nirmala Sitharaman & Neiphiu Rio launches Chief Minister's Micro Finance Initiative
  • The scheme under the nomenclature of the Chief Minister's Micro Finance Initiative has been approved by the Government of Nagaland to provide affordable credit for carrying out economic activities.
  • The objective of the scheme is to enhance farmers' income by increasing investments in agriculture and allied sector, improving agri-marketing networks and infrastructure, promoting credit discipline, and boosting private enterprise.
  • The funding pattern for the scheme consists of beneficiaries' contribution of 10%, bank loan-60%, back ended subsidy by the Government of Nagaland-30%. The state government will also provide interest subvention of 4% to KCC loans and credit linkage to farmers, over and above 3% given by the government of India on prompt repayment of dues by the borrower.
  • Under this scheme, a moratorium period of up to 6 months, a repayment period of up to a maximum of 7 years, and a maximum ceiling of 15 lakh will be given.
  • Static Knowledge:
    • CM of Nagaland - Neiphiu Rio
    • Governor of Nagaland - Jagdish Mukhi

Question: 

Q.1 Where did Nirmala Sitharaman and Neiphiu Rio launch Chief Minister's Micro Finance Initiative?
a. Kohima
b. Dimapur
c. Khonoma
d. Phek
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