Loans extended under the Pradhan Mantri Mudra Yojana (PMMY) during 2016-17 have crossed the target of Rs. 1,80,000 crore for 2016-17.
Key facts:
- Sanctions currently stand at Rs. 1,80,087 crore with final data still awaited from some of the smaller non-banking lenders.
- Of this amount, Rs. 1,23,000 crore was lent by banks while non-banking institutions lent about Rs. 57,000 crore.
- Data compiled so far indicates that the number of borrowers this year were over 4 crore, of which over 70% were women borrowers.
- About 20% of the borrowers were from the Scheduled Caste Category, 5% from the Scheduled Tribe Category, while Other Backward Classes accounted for almost 35% of the borrowers.
About the Pradhan Mantri MUDRA Yojana (PMMY) scheme:
The PMMY Scheme was launched in April, 2015. The scheme’s objective is to refinance collateral-free loans given by the lenders to small borrowers.
- The scheme, which has a corpus of Rs 20,000 crore, can lend betweenRs 50,000 and Rs 10 lakh to small entrepreneurs.
- Banks and MFIs can draw refinance under the MUDRA Scheme after becoming member-lending institutions of MUDRA.
- Mudra Loans are available for non-agricultural activities upto Rs. 10 lakh and activities allied to agriculture such as Dairy, Poultry, Bee Keeping etc, are also covered.
- Mudra’s unique features include a Mudra Card which permits access to Working Capital through ATMs and Card Machines.
There are three types of loans under PMMY:
- Shishu (up to Rs.50,000).
- Kishore (from Rs.50,001 to Rs.5 lakh).
- Tarun (from Rs.500,001 to Rs.10,00,000).
