‘Rs 33 lakh crore loans, 70% women’: PM Modi meets beneficiaries to mark decade of MUDRA Yojana

Marking a decade of the scheme, Prime Minister Narendra Modi Tuesday said that more than Rs 33 lakh crores of collateral-free loans have been sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) aimed at empowering individuals to showcase their entrepreneurial skills.

He interacted with select beneficiaries at his residence in Delhi and said it has helped promote the spirit of entrepreneurship among the youth of the country, and instilled confidence in them to become job providers instead of job seekers.

It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC communities, and over 70 per cent of the beneficiaries are women,” he said. Within the scheme, he added, the highest number of women have come forward. They have applied for the most loans, received the most loans, and are also the fastest to repay them.

The prime minister also assured the beneficiaries that the Government would review the scheme and take steps to improve it.

He also mentioned that the Government will continue focusing on ensuring a robust ecosystem where every aspiring entrepreneur has access to credit thus giving him or her the confidence and a chance to grow, according to the PTI report.

According to data available on the official website of MUDRA, the Government has disbursed an amount of around 13 lakh crore rupees for 2015-2016 when the scheme was introduced, which has now jumped to 49 lakh crore rupees for 2024-25.

Under the PMMY, collateral-free loans of up to Rs 20 lakh are extended by member lending institutions (MLIs) viz scheduled commercial banks, regional rural banks (RRBs), small finance banks (SFBs), non-banking financial companies (NBFCs), and microfinance institutions (MFIs), the website stated.

Source : https://indianexpress.com/article/india/mudra-loan-pm-modi-yojana-9931420/