Rajasthan News: As of January 26, Rajasthan has achieved a significant milestone by registering two crore loans under the Pradhan Mantri Mudra Yojana (PMMY). The scheme, launched on April 8, 2015, aims to provide collateral-free institutional credit up to Rs 10 lakh to micro and small business units for income-generating activities. Minister of State in the Ministry of Finance, Bhagwat Karad, shared this information while responding to an unstarred question on Mudra Yojana in the Lok Sabha on February 5.
PMMY Overview
Pradhan Mantri Mudra Yojana (PMMY) was introduced to facilitate collateral-free institutional credit for micro and small business units. Member Lending Institutions (MLIs), including Scheduled Commercial Banks, Regional Rural Banks, Non-Banking Financial Companies, and Micro Finance Institutions, participate in providing loans. The scheme offers three loan products catering to different funding needs: Shishu (loans up to Rs. 50,000), Kishor (loans above Rs. 50,000 and up to Rs. 5 lakh), and Tarun (loans above Rs. 5 lakh and up to Rs. 10 lakh).
Disbursement Details
The state of Rajasthan has disbursed an impressive amount of Rs 1.45 lakh crore under PMMY, showcasing the significant impact of the scheme in fostering financial inclusion and supporting micro and small businesses. The scheme’s primary objective is to provide institutional finance to unfunded micro/small business units engaged in manufacturing, trading, services, and allied agricultural activities.
Eligibility and Participation
Under PMMY, any eligible individual with a viable business plan for a small business enterprise can avail loans. The scheme contributes to the economic empowerment of individuals and communities by facilitating access to financial resources for income-generating ventures.
Rajasthan’s substantial achievement in the implementation of Pradhan Mantri Mudra Yojana underscores the success and reach of the scheme in supporting the entrepreneurial aspirations of the state’s residents.
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