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PM Modi's Mudra loan scheme disbursed 94% of sanctioned amount to micro, small businesses

Prime Minister Narendra Modi's Pradhan Mantri Mudra Yojana (PMMY) scheme to promote entrepreneurship and self-employment has disbursed 94% of the loan amount sanctioned to micro and small enterprises (MSEs) as of February 26 in the current financial year. Out of the Rs 2.38-lakh-crore sum engaged with 3.68 crore loan, Rs 2.24 crore was disbursed during the 11-month time of FY21, as per the plan's temporary information accessible on its portal. The disbursement rate for the past financial years 2019-20 and 2018-19 remained at 97.6 percent and 97 percent individually. Lending institutions including banks, non-banking financial organizations, microfinance institution, and others had disbursed Rs 329684.63 crore in FY20 and Rs 311811.38 crore in FY19. The scheme was disbursed by PM Modi in 2015.  

PMMY presented to Rs 50,000 worth of loan under Shishu cover, Rs 50,000 – 5 lakh loans under the Kishor cover, and Rs 5 lakh – Rs 10 lakh under the Tarun cover to non-corporate, non-ranch MSEs. As indicated by a Finance Ministry's assertion prior a year ago, women entrepreneurs' people have received greatest benefits under the PMMY conspire as out of over Rs 22.53 crore loans sanctioned till January 31, 2020, over Rs 15.75 crore credits were stretched out to women. These women beneficiaries were 70% of all out borrowers. IndusInd Bank had a larger part portion of Rs 38,199 crore sum disbursed in FY20 followed by SBI with Rs 34,977 crore disbursed, Bandhan Bank disbursing Rs 14,755 crore, and so on, as indicated by the scheme information.  

Then, gross bank credit sent to micro and small enterprises (MSEs) in December 2020 had expanded 6.6 percent to Rs 11.31 lakh crore from Rs 10.61 lakh crore during the year-prior period. The December year-on-year (YoY) credit development to MSEs was additionally up from 6.1 percent YoY development in November 2020, as indicated by the information from the Reserve Bank of India (RBI). MSME area had a portion of around 18% in the absolute credit to the business and around 5% in the all-out non-food credit stretched out by the scheduled commercial banks in November 2020, according to RBI information. 

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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CA Vikas Jain

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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