MUDRA Yojana created 1.12 Cr. Jobs in 3 Years

The Finance Ministry recently announced that around 15 lakh crore rupees have been sanctioned under the Pradhan Mantri Mudra Yojana (PMMY).

Since the launch of Pradhan Mantri Mudra Yojana, more than 28 crore 68 lakh loans have been sanctioned.
Of the total loans provided, 68% of the loans were provided to women entrepreneurs.
51% of the total loan provided under the Pradhan Mantri Mudra Yojana was extended to the Scheduled Castes, Scheduled Tribes and Other Backward Class borrowers.
Pradhan Mantri Mudra Yojana has helped create 1 crore 12 lakh net additional employment between 2015 and 2018. Of this, 62% are for women.

PMMY was launched in 2015.
MUDRA in PMMY stands for Micro Units Development & Refinance Agency Limited.
The main objective of Pradhan Mantri Mudra Yojana was to refinance collateral free loans given by lenders to small borrowers.
The scheme lends between Rs 50,000 and Rs 10 lakh.
Loans up to Rs 10 lakh are available for non-agricultural activities under the Pradhan Mantri Mudra Yojana.
PMMY loans are also available for agricultural activities. This includes poultry, dairy, beekeeping and farming.

In June 2020, the Government of India approved a 2% interest subsidy scheme for child loan account holders under the Pradhan Mantri Mudra Yojana. Shishu loans are loans that provide funds up to Rs 50,000 under the Pradhan Mantri Mudra Yojana. The other two categories are Kishore and Tarun. The funding limit of Kishor loan is between Rs 50,000 to Rs 5 lakh. Tarun loans are loans that provide funds up to Rs 10 lakh.
Interest subvention scheme was introduced to help small businesses avoid the difficulties posed by lockdown due to COVID-19.
The scheme was implemented through SIDBI or Small Industries Development Bank of India.
The estimated cost of the scheme was Rs 1,542 crore.
This scheme will be run for a period of one year.

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