Govt- Welfare oriented schemes, their utility
Pradhan Mantri MUDRA Yojana (PMMY)
- Banks and financial institutions have sanctioned Rs 23.2 lakh crore to over 40.82 crore beneficiaries under the Mudra Yojana since its launch in 2015.
About PMMY:
- MUDRA stands for Micro Units Development & Refinance Agency Ltd.
- 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.
Three products:
- Mudra has developed three products namely ‘Shishu’, ‘Kishore’ and ‘Tarun’ as per the growth and financial requirements of the micro unit of the beneficiaries.
- Shishu: Paying off loans up to Rs.50,000.
- Kishore: Settlement of loans above Rs. 50,000 to Rs. 5 lakhs.
- Tarun: Settlement of loans above Rs. 5 lakh to Rs. 10 lakhs.
- Loans under this scheme are unsecured loans.
