Pradhan Mantri Mudra Yojana was started by PM Modi in 2015. Its purpose was to encourage farmers engaged in income-generating activities along with small and new traders. Under this, loans are given in 3 categories.
The Finance Ministry said on Friday that under the Pradhan Mantri Mudra Yojana (PMMY), which started seven years ago, so far more than 34.42 crore beneficiaries have been given loans worth Rs 18.60 lakh crore. PMMY was launched on 8 April 2015 by Prime Minister Narendra Modi to provide loans up to Rs 10 lakh to non-corporate and non-farm small/micro enterprises.
Finance Minister’s statement
Finance MinisterNirmala SitharamanOn the seventh anniversary of the scheme, it is worth mentioning that these accounts opened under this scheme are income earning. He said that the scheme has helped in creating an enabling environment especially for small businesses and to generate massive employment opportunities at the grassroots level.
According to the Finance Minister, 68 percent of the loan accounts sanctioned under this scheme are of women and 22 percent of the loans have been given to new entrepreneurs who had not taken any loan since its inception.
He congratulated and congratulated all the beneficiaries and urged other potential borrowers to come forward and participate in the nation building process. Along with this, he told that 51 percent of the total loans sanctioned so far are going to SC, ST and OBC category. He said that the Pradhan Mantri Mudra Yojana is a symbol of social justice and it symbolizes the true spirit of ‘Sabka Saath Sabka Vikas’ as conceived by the PM.
about the plan
Under PMMY scheme, loans up to Rs 10 lakh are provided to new entrepreneurs and farmers engaged in income generating activities. This loan is given under PMMY by member lending institutions such as scheduled commercial banks, regional rural banks, small finance banks, non-banking financial companies without any collateral.
This loan is given in three categories. The first category is Shishu in which loans up to Rs 50,000 are available. The second category is Kishor, in which loans are given between Rs 50,000 to Rs 5 lakh and the third category is Tarun, in which loans up to Rs 10 lakh are given.
