NEW DELHI: The finance ministry on (*6*) stated banks and monetary establishments have sanctioned Rs 14.96 lakh crore to over 28.68 crore beneficiaries in the last six years.
Pradhan Mantri MUDRA Yojana (PMMY) was launched by Prime Minister Narendra Modi on April 8, 2015 to advertise entrepreneurship.
Ministry of finance is dedicated to offer monetary inclusiveness and assist to the marginalized and hitherto socio-economically uncared for courses.
“Financial wants of all stakeholders starting from the budding entrepreneurs to the hard-working farmers has additionally been catered to by means of varied initiatives. A key initiative in the direction of that is Pradhan Mantri MUDRA Yojana (PMMY), which has given wings to the goals and aspirations of tens of millions, together with a sense of self-worth and independence,” finance ministry stated in an announcement.
It additional stated that 4.20 crore PMMY loans have been sanctioned in 2020-21, and Rs 2.66 lakh crore was allotted in 2020-21 as on March 19, 2021.
The common ticket dimension of the loans is about Rs 52,000, it stated.
Under PMMY collateral free loans of as much as Rs 10 Lakh are prolonged by Member (*15*) Institutions (MLIs) viz Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) and so on.
The loans are given for earnings producing actions in manufacturing, buying and selling and providers sectors and for actions allied to agriculture.
The scheme was launched to encourage small companies, and banks have been requested present collateral-free loans as much as Rs 10 lakh under three classes — Shishu (as much as Rs 50,000), Kishore (between Rs 50,000 and Rs 5 lakh) and Tarun (Rs 10 lakh).