NEW DELHI: Since the launch of the Pradhan Mantri MUDRA Yojana (PMMY), as of 24.03.2023, about ₹23.2 lakh crore has been sanctioned in 40.82 crore loan accounts. About 68% of accounts under the scheme belong to women entrepreneurs and 51% of accounts belong to entrepreneurs of SC/ST and OBC categories.
This was stated by Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman , on the occasion of the successful 8th anniversary of the PMMY. The scheme was launched on 8th April 2015 by Prime Minister Narendra Modi with the aim to facilitate easy collateral-free micro credit of up to ₹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), Micro Finance Institutions (MFIs) and other financial intermediaries.
Highlighting indigenous growth through MSMEs, the Finance Minister said that 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.
Union Minister of State (MoS) for Finance Dr Bhagwat Kisanrao Karad said, “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.”
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