Key Points
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 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 said in a statement on April 8...
Speaking on the occasion of the 8th anniversary, Finance Minister Nirmala Sitharaman said, Since the launch of the scheme, as of March 24, 2023, about 23.2 lakh crore has been sanctioned in 40.82.
Highlighting indigenous growth through MSMEs, the Finance Minister said, The growth of MSMEs has contributed massively to the Make in India programme, as strong domestic MSMEs lead to increased indigenous production both for domestic markets as well as for exports..
The scheme was launched to encourage small businesses, and banks were asked to provide collateral-free loans up to 10 lakh under three categories Shishu (up to 50,000), Kishore (between 50,000 and 5 lakh) and Tarun (10 lakh)...
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