Pradhan Mantri Mudra Yojana: Rs 23.2 Lakh Cr Sanctioned To About 41 Cr Beneficiaries, Check Latest Details Here
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Implementation of the financial inclusion (FI) programme in the country is based on three pillars – Banking the Unbanked, Securing the Unsecured and Funding the Unfunded. (Representative image) Loans under PMMY are provided by banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs) and other financial intermediaries.
Banks and financial institutions have sanctioned Rs 23.2 lakh crore to over 40.82 crore beneficiaries under the Mudra Yojana launched to fund the unfunded eight years ago. Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities. Loans under PMMY are provided by Member Lending Institutions (MLIs) — banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs) and other financial intermediaries, the finance ministry sai