Rs 1.22 lakh cr loan to be disbursed under MUDRA

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Old 26-Sep-2015
Post Rs 1.22 lakh cr loan to be disbursed under MUDRA

The government has decided to disburse a Rs 1.22 lakh crore loan to micro and marginal businesses under the Micro Units Development & Refinance Agency (MUDRA) scheme by the end of the current fiscal.
Finance Minister Arun Jaitley said this today while launching a mega credit drive under the scheme at a Punjab National Bank event.
Jaitley said till now as much as Rs 24,000 crore had been disbursed under the scheme among about 37 lakh small entrepreneurs.
“We are targeting a loan disbursal of Rs 1.22 lakh crore from the banking system to these small entrepreneurs by March 2016 so that they can establish some or other kinds of business and create new jobs,” Jaitley said.
The minister said loans under the MUDRA scheme would not be given on favouritism, rather bank officials would see how these small entrepreneurs would use the amount, based on which they would be entitled to get the loan.
“It will not be a fair to give away money of state and private banks. It will be linked to business and related projects. Beginning a campaign today till October 2, we will take this loan programme forward to make it more popular,” he added.
The Finance Minister also handed over loan sanction letters to several entrepreneurs during the mega credit campaign organised by PNB.
He said the government aims to cover around 1.25-1.75 crore small business people under the MUDRA scheme to disburse this sum of Rs 1.22 lakh crore by March 2016.
According to a Finance Ministry statement, mega credit campaigns are being conducted all over the country by public sector banks (PSBs) from September 25 to October 2 to not only generate greater credit to micro enterprises but also create a sound ecosystem subsequently for bank credit to aspiring entrepreneurs, especially small and micro entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY).
The current focus of the government is on the Shishu category of micro loans which encompass a range of small activities such as shopkeepers, fruit-sellers, vegetable vendors, mechanics, barbers, cobblers, small-manufacturing units and a lot of other small service sector enterprises which borrow from money lenders and informal sources.

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