Pradhan Mantri Mudra Yojana (PMMY)

Pradhan Mantri Mudra Yojana (PMMY)

 

  • Recently, the Union Minister of State for Finance gave information regarding Pradhan Mantri Mudra Yojana (PMMY) in the Rajya Sabha.
  • All national level targets under the scheme have been continuously met since its inception, except for the financial year 2020-21 due to the COVID-19 pandemic.

Pradhan Mantri Mudra Yojana:

  • The government launched this scheme in the year 2015 to provide loans up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises.
  • The scheme provides financing to the non-corporate small business sector through various financial institutions such as banks, non-banking financial companies (NBFCs) and micro finance institutions (MFIs).
  • MUDRA i.e. Micro Units Development and Refinance Agency Ltd. is a financial institution established by the government.

Mudra loans are provided in three categories – ‘Shishu’, ‘Kishore’ and ‘Tarun’:

  • Shishu: Loans up to Rs.50, 000.
  • Kishor: Loans ranging from Rs 50,000 to Rs 5 lakh.
  • Tarun: Loans ranging from Rs 5 lakh to Rs 10 lakh.

Achievements:

  • Loans worth over Rs 32.53 crore have been disbursed under PMMY since its inception in April 2015.
  • Loans have been given to the disadvantaged sections of the society like women entrepreneurs, SC / ST / OBC and minority community borrowers etc. under Mudra Yojana. It also focuses on new entrepreneurs.
  • According to the survey conducted by the Ministry of Labor and Employment, PMMY has helped in creating a total of 1.12 crore additional jobs from the year 2015 to the year 2018.
  • As per the estimated growth in employment, 69 lakh women (62 per cent) are involved in 1.12 crore.

Steps taken to improve the scheme:

  • Provision of online application through Psbloansin59minutes and Udyami Mitra portal.
  • Some Public Sector Banks (PSBs) have given end-to-end digital lending under PMMY with automatic restrictions.
  • Intensive publicity campaign by Public Sector Banks and Mudra Limited to increase the visibility of the scheme among the stakeholders.
  • Nomination of MUDRA Nodal Officers in PSBs.
  • Periodic monitoring of the performance of PSBs relating to PMMY etc.

yojna ias daily current affairs 12 feb 2022

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