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APFPS signed MoU with SBI to Promote 7,500 Micro Food Processing Units

Published on September 07, 2023
Current Context: The Andhra Pradesh Food Processing Society (APFPS) and the State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) on Tuesday, September 5, 2023.
APFPS signed MoU with SBI to Promote 7,500 Micro Food Processing Units
  • The MoU aims to boost the development of the food processing sector in Andhra Pradesh by supporting the upgradation and establishment of at least 7,500 micro food processing units in the state during the fiscal year 2023-24 under the Prime Minister Formalization of Micro Food Processing Enterprises (PMFME) scheme.
  • Under this MoU, SBI will provide collateral-free loans of up to Rs 10 lakh to eligible beneficiaries of the PMFME scheme, subject to their creditworthiness, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under the Agri Infrastructure Fund (AIF).
  • These loans will carry an interest rate of 9 per cent under AIF, and an additional 3 per cent interest subvention will be applied wherever applicable . Further, a moratorium period of three months will be granted to facilitate the initial stages of these enterprises.

Question:

Q.1 What is the name of the scheme under which APFPS and SBI aim to support the establishment of micro food processing units in Andhra Pradesh?
a. Prime Minister Food Processing and Entrepreneurship Development (PMFPED)
b. Prime Minister Formalization of Micro Food Processing Enterprises (PMFME)
c. Prime Minister Food Processing and Innovation Mission (PMFPIM)
d. Prime Minister Food Processing and Skill Development (PMFPSD)
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