28.89 Crore Loans worth Rs. 17.77 Lakh Crore extended under PMMY

During the last five financial years, from April 1, 2018, to March 31, 2023, over 28.89 crore loans with a sanctioned amount of Rs. 17.77 lakh crore were granted under the Pradhan Mantri Mudra Yojana (PMMY), according to data published by Member Lending Institutions (MLIs) on the Mudra portal.

This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha.

Furthermore, the Minister announced that women borrowers have received more than 19.22 crore loans totalling Rs. 7.93 lakh crore, or around 67% of all loans approved under the Scheme.

Under the Pradhan Mantri Mudra Yojana (PMMY), micro and small business units can receive collateral-free institutional credit up to Rs. 10 lakh from Member Lending Institutions (MLIs), which include Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). These business units can use the credit for income-generating activities related to agriculture, trading, manufacturing, and services.

The Minister proceeded to provide more details, saying that the government has made several efforts to raise awareness about PMMY throughout the nation. Among these include print, television, radio, hoardings, town hall meetings, financial literacy and awareness camps, specific drives for financial inclusion, and hoardings. Banks also engage in public relations through Banking Correspondents (BCs) and their branches.