As per data uploaded by Member Lending Institutions (MLIs) on the Mudra portal, over 28.89 crore loans involving a total sanctioned amount worth Rs. 17.77 lakh crore have been extended under Pradhan Mantri Mudra Yojana (PMMY) in the last five financial years, i.e., 01.04.2018 to 31.03.2023.
This was a written answer given by the Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad to a question in Rajya Sabha today.
Further, the Minister stated that more than 19.22 crore loans amounting to Rs. 7.93 lakh crore have been extended to women borrowers, constituting approximately 67% of the total number of loans sanctioned under the Scheme.
Under Pradhan Mantri Mudra Yojana (PMMY), collateral-free institutional credit up to Rs. 10 lakh is provided by Member Lending Institutions (MLIs) i.e. Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to micro/small business units under the manufacturing, trading, services sector for income generating activities. It also covers activities relating to the agriculture sector.
Giving more information, the Minister stated that the Government has taken various steps to improve awareness about PMMY across the country.
These steps include publicity campaigns through print media, TV, radio jingles, hoardings, town hall meetings, financial literacy and awareness camps, special drives for financial inclusion, etc. Banks also undertake publicity through their branches and also through Banking Correspondents (BCs).
Written by Nalin Suriya S.
