Under the scheme, loans have been divided into three categories based on the need for finance and the stage in maturity of the business. These are Shishu (loans up to Rs 50,000), Kishore (loans above Rs 50,000 and up to Rs 5 lakh), and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).
“Today, as we mark eight years of Mudra Yojana, I salute the entrepreneurial zeal of all those who benefitted from it and became wealth creators,” he added.
Approximately 69 per cent of the total loans have been sanctioned to women entrepreneurs & 51 per cent loans have been sanctioned to SC/ST and OBC categories of borrowers.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman said the scheme has helped in the generation of large-scale employment opportunities at the grassroots level and also has proved to be a game changer while boosting the Indian economy.
Union Minister of State for Finance Bhagwat Kisanrao Karad said that the scheme has brought the unserved and under-served sections of society within the framework of institutional credit.
One of the pillars of financial inclusion – funding the unfunded, is reflected through the PMMY, which is being implemented with the objective to provide access to credit for small entrepreneurs.
The finance ministry has called a meeting of the managing directors (MD) & chief executive officers (CEOs) of public sector banks (PSBs) along with CEO, National Payments Corporation of India (NPCI) on April 13 to review the progress under financial inclusion and social security schemes.
The meeting will be chaired by Financial Services Secretary Vivek Joshi and will review schemes such as the PMMY, Stand Up India and Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme among others.
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