PMMY, the Flagship Programme of the Prime Minister aimed at Funding the Unfunded micro enterprises and small businesses completes 10 years.
About PMMY
- Launched in 2015 for providing loans (i.e., MUDRA loans) to the non-corporate, non-farm small/micro enterprises.
- PMMY ensures collateral-free institutional credit up to Rs 20 lakh is provided by Member Lending Institutions (MLIs)
- MLIs are Scheduled Commercial Banks, Regional Rural Banks, Non-Banking Financial Companies & Micro Finance Institutions.
- Types of Loans
- Shishu: Loans up to Rs 50,000
- Kishor: Loans between Rs 50,000 and Rs 5 lakh
- Tarun: Loans between Rs 5 lakh and Rs 10 lakh
- Tarun Plus: Loans above Rs. 10 lakhs and upto Rs. 20 lakhs.
Achievements of PMMY
- Entrepreneurship Revolution: MUDRA laid the foundation for a new era of grassroots entrepreneurship. PMMY has sanctioned over 52 crore loans worth ₹32.61 lakh crore.
- MSMEs Funding: MSME lending surged from ₹8.51 lakh crore in FY14 to ₹27.25 lakh crore in FY24, & is projected to cross ₹30 lakh crore in FY25.
- Women Empowerment: Women account for 68 % of all Mudra beneficiaries, underscoring the scheme’s pivotal role in advancing women-led enterprises across the country.
- Financial Inclusion: 50% of Mudra accounts are held by SC, ST & OBC entrepreneurs. Furthermore, 11 % of Mudra loan holders belong to minority communities.
