₹33 lakh cr of collateral-free loans approved under Mudra Yojana in last 10 yrs: PM
PM Modi said it has helped promote the spirit of entrepreneurship among the youth of the country and given them confidence to become job providers rather than job seekers
Prime Minister Narendra Modi on Tuesday said over ₹33 lakh crore of collateral-free loans have been sanctioned under Mudra Yojana in the last ten years and has ensured social inclusion and economic freedom.
Interacting with a group of Mudra loan beneficiaries at his residence on the tenth anniversary of the scheme, PM Modi said that he, along with his colleagues, will take direct feedback from the beneficiaries in order to make it more inclusive.
“Today, as we mark, #10YearsOfMUDRA, I would like to congratulate all those whose lives have been transformed thanks to this scheme. Over this decade, Mudra Yojana has turned several dreams into reality, empowering people who were previously overlooked with the financial support to shine. It illustrates that for the people of India, nothing is impossible!,” he said in a post on X.
Also Read: Centre doubles upper limit of Mudra loans for ‘Tarun Plus’ category
PMMY is a collateral-free institutional credit scheme, which is provided by member lending institutions (MLIs) such as scheduled commercial banks (SCBs), regional rural banks (RRBs), non-banking financial companies (NBFCs) and micro finance institutions (MFIs). Any individual, who is otherwise eligible to take a loan and has a business plan for small business enterprise can avail Mudra loan for manufacturing, trading, services and activities allied to agriculture.
“It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC Communities, and over 70% of the beneficiaries are women! Every Mudra loan carries with it dignity, self-respect and opportunity,” PM said.
“In the times to come, the government will continue focusing on ensuring a robust ecosystem where every aspiring entrepreneur has access to credit thus giving him or her the confidence and a chance to grow”, he added.
Union finance minister Nirmala Sitharaman also highlighted the fact that majority of the scheme’s beneficiaries were women.
“Since the launch of PM MUDRA Yojana by Hon’ble PM Shri @narendramodi in 2015, nearly 70% of MUDRA loans have been availed by women entrepreneurs. MUDRA is truly empowering the Nari Shakti!,” the FM said in a post on X.
Mudra loans are available across four categories -- Shishu (loans up to ₹50,000), Kishore (loans above ₹50,000 and up to ₹5 lakh), and Tarun (loans above ₹5 lakh and up to ₹10 lakh). Loans upto ₹20 lakh under Tarun-Plus category are given to those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.
