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Pradhan Mantri Mudra Yojana (PMMY) UPSC NOTE

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  Why in news The government has doubled the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) from ₹10 lakh to ₹20 lakh. The increas...

 Why in news

  • The government has doubled the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) from ₹10 lakh to ₹20 lakh.

  • The increased limit specifically benefits entrepreneurs who have previously taken and successfully repaid loans under the “Tarun category.”

  • A new category called "Tarun Plus" has been introduced for loans between ₹10 lakh and ₹20 lakh.

  • This enhancement aligns with the government’s goal of fostering a robust entrepreneurial ecosystem in the country.

  • Loans up to ₹20 lakh will be backed by the Credit Guarantee Fund for Micro Units (CGFMU), reducing the risk for lenders.

 Pradhan Mantri Mudra Yojana (PMMY) 

  • The government launched it in 2015 for providing loans up to Rs.10 lakh to the non-corporate, non-farm small/micro-enterprises.

  • It provides funding to the non-corporate small business sector through various last-mile financial institutions like Banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).

  • MUDRA, which stands for Micro Units Development & Refinance Agency Ltd., is a government's financial institution. 

  • It does not lend directly to micro-entrepreneurs/individuals.

  • MUDRA initially created three products, i.e. 'Shishu', 'Kishore' and ‘Tarun’, as per the growth and funding needs of the beneficiary micro-units.

    • Shishu: Covering loans up to Rs. 50,000.

    • Kishore: Covering loans above Rs. 50,000 and up to Rs. 5 lakh.

    • Tarun: Covering loans above Rs. 5 lakh and up to Rs. 10 lakh.

    • Now "Tarun Plus" : for loans between ₹10 lakh and ₹20 lakh

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Pradhan Mantri Mudra Yojana (PMMY) UPSC NOTE
Pradhan Mantri Mudra Yojana (PMMY) UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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