Pradhan Mantri Mudra Yojana (PMMY)

12 Feb 2022 Pradhan Mantri Mudra Yojana (PMMY)

Posted at 10:50h in Daily current-affairs by khyati khare 0 Comments

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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.

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.

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.

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.