Loans disbursed under the Pradhan Mantri Mudra Yojana (PMMY) have crossed its target of Rs 1.8 lakh crore in the financial year 2016-17.
•Agency: Micro Units Development and Refinance Agency (MUDRA) •Launched : On April 8, 2015 •Headquarters : New Delhi • Shishu: Loan up to Rs 50,000 • Kishore: Loan ranging from Rs 50,000 to Rs 5 lakh. • Tarun: Loan ranging from Rs 5 lakh to Rs 10 lakh.
Loans extended currently stands at Rs 1.80,087 crore. Of this, a majority of the loans were awarded by banks (Rs 1.23 lakh crore).
Non-banking financial institutions have lent about Rs 57,000 crore.
In this year’s budget, Rs 2.44 lakh crore has been set as a target for Mudra loans for the financial year 2017-18.
Significance
Significantly, out of the 4 crore borrowers, over 70% of the borrowers were women.
Around 20% of the borrowers belonged to Scheduled Caste category, 5% belonged to Scheduled Tribe category and 35% belonged to other backward classes.
Robust growth in bank loans to unfunded and underfunded segments of the society indicates that this category of borrowers has emerged as a key driver of demand for credit.
Non-insistence of collateral/guarantor, simple documentation and quick processing are the three praiseworthy attributes of the MUDRA loans.
Pradhan Mantri Mudra Yojana (PMMY)
• The objective of this scheme to launch a Micro Units Development and Refinance Agency (MUDRA) Bank to support the entrepreneurs of Scheduled castes, scheduled tribes and other backward classes entrepreneurs in the MSME sector.
• The scheme was launched on April 8, 2015.
• MUDRA cards are the unique feature of this scheme. The card permits access to working capital through ATMs and card machines.
• MUDRA loans can be availed for non-agricultural activities upto Rs 10 lakh and for activities allied to agriculture such as dairy, poultry bee keeping etc.
• The scheme provides loans to micro units in three categories ranging from Rs. 50,000 to Rs. 10 lakh.
• Shishu: Loan up to Rs 50,000
• Kishore: Loan ranging from Rs 50,000 to Rs 5 lakh.
• Tarun: Loan ranging from Rs 5 lakh to Rs 10 lakh.
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