The average size of each loan under the Pradhan Mantri Mudra Yojana has been Rs 52,000.
4.20 lakh crore PMMY loan approved in 2020-2021
The finance ministry said on Wednesday that banks and financial institutions have sanctioned loans worth Rs 14.96 lakh crore to more than 28.68 crore beneficiaries under the Mudra scheme during the last six years. Prime Minister Narendra Modi launched the Pradhan Mantri Mudra Yojana (PMMY) on 8 April 2015 to encourage entrepreneurship in the country. The Finance Ministry says that it is committed to support the marginalized and economically backward sections of the marginalized and its financial inclusion.
The ministry has said in a statement, “The financial needs of all the associated fables, from new entrepreneurs to hardworking farmers, have been met through various initiatives. An important initiative in this direction was the Pradhan Mantri Mudra Yojana (PMMY). Through this, millions of people have got the opportunity to fulfill their dreams, as well as they have realized the self-respect and independence. The loan was approved and out of this Rs 2.66 lakh crore was allocated.
It states that the average size of each loan has been Rs 52,000. This loan is given for income generating activities in the fields of manufacturing, trade and services. Under this, up to ten lakh rupees of guarantee-free loans are given by the lending institutions.
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