Rs 33 Lakh Crore Collateral-Free Loans Sanctioned Under Mudra Yojana in 10 Years: PM Modi
Prime Minister Narendra Modi stated that more than Rs 33 lakh crore of collateral-free loans have been approved under Mudra Yojana in the past decade and has provided social inclusion and economic independence.
Taking feedback from a group of Mudra loan recipients at his home on the tenth anniversary of the scheme, PM Modi stated that he and his colleagues will be taking direct feedback from the beneficiaries to make it even more inclusive.
Today, as we celebrate, #10YearsOfMUDRA, I would like to extend my congratulations to all those whose lives have been changed due to this scheme. In the last ten years, Mudra Yojana has made many dreams come true, giving people who were earlier ignored the financial aid to excel. It shows that for the Indian people, nothing is impossible!", he wrote in an X post.
PMMY is an institutional credit product without collateral, which is being given by member lending institutions (MLIs) like scheduled commercial banks (SCBs), regional rural banks (RRBs), non-banking financial companies (NBFCs) and micro finance institutions (MFIs). Anyone, who otherwise qualifies for availing a loan and has a small business enterprise business plan, can avail Mudra loan for trading, manufacturing, services and allied activities of 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 future, the government will remain committed to providing a healthy ecosystem where each budding entrepreneur gets access to credit thereby providing him or her with confidence and an opportunity to grow", he added.
Union finance minister Nirmala Sitharaman also emphasized the point that most of the beneficiaries of the scheme were women.
"Since Hon'ble PM Shri @narendramodi launched PM MUDRA Yojana in 2015, almost 70% of MUDRA loans were taken by women entrepreneurs. MUDRA is indeed empowering the Nari Shakti!", wrote the FM in an X post.
Mudra loans are provided under four categories -- Shishu (loans of up to Rs 50,000), Kishore (loans of more than Rs 50,000 and up to Rs 5 lakh), and Tarun (loans of more than Rs 5 lakh and up to Rs 10 lakh). Loans up to Rs 20 lakh under Tarun-Plus category are provided to those entrepreneurs who have taken and repaid earlier loans under the 'Tarun' category successfully.
