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PMMY Has Brought Unserved, Under-served Sections Within Institutional Credit Framework: Karad
More than 40.82 crore loans amounting to Rs 23.2 lakh crore sanctioned under Pradhan Mantri MUDRA Yojana (PMMY) since inception
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Pradhan Mantri MUDRA Yojana (PMMY) has brought the unserved and under-served sections of society within the framework of institutional credit, said Union Minister of State (MoS) for Finance Bhagwat Kisanrao Karad.
Karad said that the PMMY scheme aims to provide collateral-free access to credit in a seamless manner to micro-enterprises in India.
He stated, "The government policy of promoting MUDRA has led millions of MSME enterprises in the formal economy and has helped them to get out of the clutches of money-lenders offering very high-cost funds.”
Meanwhile, more than 40.82 crore loans amounting to Rs 23.2 lakh crore have been sanctioned since the launch of the scheme.
As per the data, approximately 21 per cent of the total loans have been sanctioned to New Entrepreneurs.
The Ministry of Finance in a media release stated that approximately 69 per cent of loans of the total number of loans have been sanctioned to women entrepreneurs and 51 per cent of loans have been sanctioned to SC/ST/OBC categories of borrowers.