Since it was established eight years ago, the Pradhan Mantri MUDRA Yojana (PMMY) has authorised more than 40.82 crore loans totaling Rs 23.2 lakh crore.
Nirmala Sitharaman, the finance minister, said: “As of March 24, 2023, around Rs 23.2 lakh crore had been sanctioned in 40.82 crore loan accounts since the scheme’s start on April 8, 2015. Around 68% of accounts under the plan are held by women business owners, and 51% are held by business owners that fall under the SC, ST, and OBC categories. This indicates how the wide access to finance for the nation’s aspiring entrepreneurs has sparked innovation and maintained growth in per capita income.”
According to her, the MUDRA initiative has contributed to the creation of numerous high-paying jobs at the community level and has also changed the game by stimulating the Indian economy.
The government created the programme to make easy, collateral-free microcredit available to non-corporate, non-farm small and microentrepreneurs for the purpose of producing income.
Banks, NBFCs, MFIs, and other types of financial intermediaries are examples of member lending institutions (MLIs), who also provide loans under the PMMY programme.
