modi-davos-2-1090143-1646955834-1The Finance Ministry said on Friday that the Prime Minister’s Mudra Yojana was launched seven years ago. (PMMY) Loans worth Rs 18.60 lakh crore have been disbursed to more than 34.42 crore beneficiaries under the PMMY to non-corporate and non-farm small or micro enterprises up to Rs. Prime Minister Narendra on April 8, 2015 Modi Launched by the Govt. to provide loans up to Rs.10 lakh. These loans are given in three categories. In the first category, there are Shishu loans available up to Rs.50,000. The second category is juveniles with loans up to Rs 50,000 to Rs 5 lakh and the third category is juveniles with loans up to Rs 10 lakh.

Finance Minister’s statement

On the seventh anniversary of the scheme, Finance Minister Nirmala Sitharaman said that it is noteworthy that the accounts opened under the scheme were to generate revenue. He said that the scheme has helped in creating a conducive environment especially for small businesses and generating huge employment opportunities at the grassroots level. According to the Finance Minister, 68 per cent of the loan accounts sanctioned under the scheme are for women and 22 per cent are for new entrepreneurs who have not taken any loan since its inception.

He congratulated and wished all the beneficiaries and urged other potential borrowers to come forward and participate in the nation building process. He said that 51 per cent of the total loans sanctioned so far are in SC, ST and OBC categories. He said that the Pradhan Mantri Mudra Yojana is a symbol of social justice and it embodies the true spirit of ‘Sabka Saath Sabka Vikas’ envisaged by the Prime Minister.

Know about the scheme

Under PMMY scheme, new entrepreneurs and farmers engaged in income generating activities will be given Rs. Loan up to Rs 10 lakh is given. These loans are provided under PMMY by member organizations such as scheduled commercial banks, regional rural banks, small finance banks, non-banking financial companies, without any collateral. These loans are given in three categories. In the first category, there are Shishu loans available up to Rs.50,000. The second category is juveniles with loans up to Rs 50,000 to Rs 5 lakh and the third category is juveniles with loans up to Rs 10 lakh.

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