On December 9, 2019 an amount of Rs. 10.24 lakh crore have been disbursed under the Pradhan Mantri MUDRA Yojana(PMMY) as on November 1, 2019 as per the ministry of Labour and Employment. The loans under PMMY were sanctioned to 20.84 crore account holders.
Key Points:
i.PMMY:
- PMMY was launched by the Prime Minister of India Shri Narendra Modi on April 8, 2015.
- The scheme provides loan up-to 10 lakhs to the non-corporate, non-farm small/micro enterprises.
- The loans provided under PMMY are classified as MUDRA (Micro Units Development & Refinance Agency Ltd) loans.
- Under the aegis of PMMY, MUDRA has created three products namely ‘Shishu‘, ‘Kishore‘ and ‘Tarun‘. The loan coverage is classified under these three products.
- Shishu: Covers loan up-to 50, 000.
- Kishore: Covers loan from Rs 50,000 and up to Rs. 5 lakhs.
- Tarun: Covers loan from Rs 5 lakh and up to Rs. 10 lakhs.
- Loan providers: The loan will be provided by commercial banks, Regional Rural Banks(RRBs), Small Finance Banks(SFB), MFIs (Micro Finance Institutions) and NBFCs (Non-Banking Financial Institution).
ii.MUDRA bank: The MUDRA bank was set up by the Government of India (GoI) and launched by PM Modi in 8 April 2015 under PMMY.
- It is initially formed as a wholly owned subsidiary of Small Industries Development Bank of India (SIDBI) with 100% capital being contributed by it. Later it will be made into a separate company.
- Authorised & paid up capital: The authorized capital of MUDRA is Rs. 1000 crores and the paid up capital is Rs. 750 crores, fully subscribed by SIDBI.
About Ministry of Labour and Employment (MoL&E):
Headquarters- New Delhi.
Minister of State (MoS- Independent charge)- Santhosh Kumar Gangwar (Constituency- Bareilly, Uttar Pradesh(UP)).
Secretary- Heeralal Samariya.
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