Pradhan Mantri Mudra Yojana is an ambitious scheme launched by Modi Government in April 2015 to fund the 5.77 Crore small business in India
Pradhan Mantri MUDRA Yojana has seen a tremendous response within 10 months of the launch of the scheme in April 2015. According to the official website of MUDRA, over 2.67 Crore (26.7 Million) loans have been sanctioned across the country.
The amount sanctioned under the PM MUDRA Yojana has reached almost Rupees 1 Lakh Crore. According to the official website of MUDRA, the exact figures of loans sanctioned is 26719421 as on 8 February 2016. The exact amount sanctioned and disbursed is Rs. 19947587255.05 Crore and Rs. 19947583231.96 Crore respectively.
Out of the all, Tamil Nadu has seen the highest number of sanctioned loans at 3674612 with a whopping Rs. 17089641150.33 Crores of sanctioned amount.
However, there is a target of Rs 1.22 lakh crore loan to be provided by banks by the end of March 2016. PMMY loans fall into three categories - Shishu (up to Rs 50,000), Kishore (Rs 50,000-Rs 5 lakh) and Tarun (Rs 5-10 lakh).
MUDRA has been established as a subsidiary of SIDBI with an initial corpus of Rs 5,000 crore to provide capital to all banks seeking refinancing of small business loans under PMMY.
MUDRA has enrolled 27 Public Sector Banks, 17 Private Sector Banks, 27 Regional Rural Banks and 25 Micro Finance Institutions as partner institutions for channelizing Loan assistance to the end borrower.
Sanction of assistance shall be as per the eligibility norms of respective lending institution. The loan will be released to undertake small business activities / micro enterprise.
These lending institutions will then approach MUDRA Bank for financial assistance or for refinancing of the sanctioned loans.
The Pradhan Mantri Mudra Bank Yojana is said to benefit more than 58 million small business owners in the country. This is one sector under which more than 120 million people are employed and this working population mostly comes from less privileged sections of society.
It is estimated that there are around 5.77 crore Small Business units (mostly under individual proprietorship) which run small manufacturing, trading or service businesses in India. These sole-proprietors or entrepreneurs of Small & Medium Enterprises, find it difficult to get credit / finance from the financial institutions and end up acquiring loans at very high interest rates from financiers or money-lenders.
If Pradhan Mantri MUDRA Yojana is implemented well, it surely can be a boon to many of these small business owners. I believe these types of schemes are better than providing unnecessary subsidies.
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