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Business News›Industry›Banking/Finance›Banking›Banks sanction Rs 23.2 lakh crore
to about 41 crore beneficiaries under Mudra Yojana



THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW.

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BANKS SANCTION RS 23.2 LAKH CRORE TO ABOUT 41 CRORE BENEFICIARIES UNDER MUDRA
YOJANA

SECTIONS
Banks sanction Rs 23.2 lakh crore to about 41 crore beneficiaries under Mudra
Yojana
PTILast Updated: Apr 08, 2023, 09:23 PM IST
Synopsis


LOANS UNDER PMMY ARE PROVIDED BY MEMBER LENDING INSTITUTIONS (MLIS) -- BANKS,
NON-BANKING FINANCIAL COMPANIES (NBFCS), MICROFINANCE INSTITUTIONS (MFIS) AND
OTHER FINANCIAL INTERMEDIARIES, THE FINANCE MINISTRY SAID IN A STATEMENT ON
SATURDAY.

AgenciesTargets have been achieved since the inception of the scheme barring
during 2020-21 due to the Covid-19 pandemic, the statement said.
Banks and financial institutions have sanctioned Rs 23.2 lakh crore to over
40.82 crore beneficiaries under the Mudra Yojana since its launch in 2015.
Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by Prime
Minister Narendra Modi 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.

Loans under PMMY are provided by Member Lending Institutions (MLIs) -- banks,
non-banking financial companies (NBFCs), microfinance institutions (MFIs) and
other financial intermediaries, the finance ministry said in a statement on
Saturday.

"#PMMudraYojana has played a vital role in funding the unfunded and ensuring a
life of dignity as well as prosperity for countless Indians. Today, as we mark
#8YearsOfMudraYojana, I salute the entrepreneurial zeal of all those who
benefitted from it and became wealth creators," Prime Minister Narendra Modi
said in a tweet.



Speaking on the occasion of the 8th anniversary, Finance Minister Nirmala
Sitharaman said, "Since the launch of the scheme, as of March 24, 2023, about Rs
23.2 lakh crore has been sanctioned in 40.82 crore loan accounts".

About 68 per cent of accounts under the scheme belong to women entrepreneurs,
and 51 per cent 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, she added.

Highlighting indigenous growth through MSMEs, the finance minister said, "The
growth of MSMEs has contributed massively to the 'Make in India' programme, as
strong domestic MSMEs lead to increased indigenous production both for domestic
markets as well as for exports. The PMMY scheme has helped in the generation of
large-scale employment opportunities at the grassroots level, and also has
proved to be a game changer while boosting the Indian economy".



Minister of State for Finance Bhagwat K Karad said the PMMY scheme aims to
provide collateral-free access to credit in a seamless manner to
micro-enterprises in the country.




"It has brought the unserved and under-served sections of the society within the
framework of institutional credit. The government policy of promoting MUDRA has
led millions of MSME enterprises in the formal economy and has helped them to
get out of the clutches of money-lenders offering very high-cost funds," he
added.

Implementation of the financial inclusion (FI) programme in the country is based
on three pillars - Banking the Unbanked, Securing the Unsecured and Funding the
Unfunded.

The scheme was launched to encourage small businesses, and banks were asked to
provide collateral-free loans up to Rs 10 lakh under three categories -- Shishu
(up to Rs 50,000), Kishore (between Rs 50,000 and Rs 5 lakh) and Tarun ( Rs 10
lakh).

Of the total, Shishu accounts for 83 per cent of the total loans while Kishore
15 per cent and the remaining 2 per cent Tarun.

Targets have been achieved since the inception of the scheme barring during
2020-21 due to the Covid-19 pandemic, the statement said.

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