A date of April 8, 2022 marked the 7th anniversary of Pradhan Mantri MUDRA(Micro Units Development & Refinance Agency) Yojana (PMMY) which was launched on April 8, 2015 by the Prime Minister (PM) of India Narendra Modi, for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro-enterprises, along with creation of income generating activities.Â
- It’s a Central Government Scheme to ‘fund the unfunded’.
- PMMY stands for social justice in action and embodies the true spirit of ‘Sabka Saath, Sabka Vikas’.
Major achievements under this scheme:
i.More than 34.42 crore loan accounts amounting to Rs.18.60 lakh crore have been extended under PMMY till March 18, 2022 since its inception 2015.
ii.Out of this, more than 23.27 crore loans amounting to 8.10 lakh crore rupees have been extended to women borrowers. This constitutes approximately 68% of the total number of loans and 44% of the amount extended under the scheme.
- 22% of the loans have been given to new entrepreneurs who had not availed any loan since the inception of the Scheme.
iii.With 51% of total loans sanctioned to the Scheduled Caste (SC)/Scheduled Tribe(ST)/ Other Backward Class (OBC) category while 11% to the minor community borrowers.
- About 23% of the loans have been given to SCs and STs borrowers;Â
- About 28% of the loans have been given to OBCs borrowers
- 4.86 crorePMMY loans accounts with sanctioned amount of Rs. 3.07 lakh croreextended in FY22 (As on 25.03.2022).
- 86%of the loans are of ‘SHISHU’ category.
vi.Interest Subvention of 2% on prompt repayment of Shishu loans extended under PMMY for a period of 12 months to all eligible borrowers.
vi.As on 25.03.2022, out the Rs. 775 crore released to SIDBI, more than Rs. 658.25 crore have been disbursed by SIDBI to MLIs for onward credit of subvention amount into accounts of borrowers.
Note-Three pillars in Implementing Financial Inclusion (FI) programme in India:Banking the Unbanked, Securing the Unsecured and Funding the Unfunded.
Category-wise breakup of Loan & Amount sanctioned under PMMY:
| Category | No. of Loans (%) | Amount Sanctioned (%) |
|---|---|---|
| Shishu | 86% | 42% |
| Kishore | 12% | 34% |
| Tarun | 2% | 24% |
About PMMY:
The loans provided under PMMY are classified as MUDRA (Micro Units Development & Refinance Agency Ltd) loans. These loans are given by Commercial Banks, RRBs (Regional Rural Banks), Small Finance Banks (SFBs), MFIs (Micro Finance Institutions), and Non-Banking Financial Companies (NBFCs) in the following three categories:
- Shishu – Loans up to Rs 50,000
- Kishore – Loans from Rs 50,000 upto Rs 5,00,000
- Tarun – Loans from Rs 5,00,000 upto Rs 10,00,000
Click Here for Full Details About PMMY
Recent Related News:
Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), a flagship scheme of the Ministry of Food Processing Industries (MoFPI) has been extended for a period of 2021-2022 to 2025-2026 (till March 2026). The Government of India (GoI) has allocated Rs 4600 crore for the scheme.
About Micro Units Development & Refinance Agency Ltd (MUDRA)Â
MD & CEO– Vinay Hedaoo
Headquartered– Mumbai, Maharashtra
