Over 40 cr loans sanctioned under MUDRA scheme in last 8 yrs: Govt

The MUDRA scheme helped in the generation of large-scale employment opportunities at grassroots; boosting Indian economy

Since the inception of Pradhan Mantri MUDRA Yojana (PMMY) eight years back, the Centre has sanctioned more than 40.82 crore loans amounting to Rs.23.2 lakh crore.

Pradhan Mantri MUDRA Yojana was launched by the government to facilitate easy collateral-free micro-credit of up to Rs.10 lakh to non-corporate, non-farm small, and micro-entrepreneurs for income-generating activities.

The loans under PMMY are provided by member lending institutions (MLIs), i.e. banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs), and other financial intermediaries.

Finance Minister Nirmala Sitharaman said, “Since the launch of the scheme on April 8, 2015, as of March 24, 2023, about Rs.23.2 lakh crore has been sanctioned in 40.82 crore loan accounts. About 68 percent of accounts under the scheme belong to women entrepreneurs and 51 percent of accounts belong to entrepreneurs of SC, ST, and OBC categories. This demonstrates that easy availability of credit to the budding entrepreneurs of the country has led to innovation and sustained increase in per capita income.”

The MUDRA scheme has helped in the generation of large-scale employment opportunities at the grassroots level and also proved a game changer while boosting the Indian economy, she added.

[With Inputs from IANS]

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