Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
10,840.6523.05
Stock Analysis, IPO, Mutual Funds, Bonds & More

Mudra loans may cross Rs 3 lakh crore in 2019-20

Government data for the scheme for the last fiscal, till March 22, 2019, put the figure of Mudra sanctions at Rs 2.82 lakh crore to 541.27 lakh borrowers.

IANS|
May 09, 2019, 04.58 PM IST
0Comments
BCCL
113
Out of a total 5,41,27,092 accounts, Shishu accounts are at 4,69,04 215, Kishore at 58,64,952 and Tarun at 13,57,925.
NEW DELHI: Total sanctions under the Pradhan Mantri Mudra Yojana (PMMY) loan scheme for micro industries are likely to cross Rs 3 lakh crore in the current fiscal, a senior Finance Ministry source said on Thursday.

Government data for the scheme for the last fiscal, till March 22, 2019, put the figure of Mudra sanctions at Rs 2.82 lakh crore to 541.27 lakh borrowers.

The loan is given primarily for the purpose of employment creation at the grassroots level through formal banking credit channel.

Maximum loan amount under the PMMY is upto Rs 10 lakh. Loans up to Rs 50,000 are categorised as 'Shishu', those from Rs 50,001 to Rs 5 lakh are called 'Kishore' and loans from Rs 5.01 lakh to Rs 10 lakh are categorised as 'Tarun'.

The loans are being given as working capital and term loans for business enterprises in manufacturing, trading and services, including for allied agricultural activities.

Finance Ministry data shows Rs 2,82,594.30 crore has been sanctioned under PMMY and the Shishu loan cornered 46 per cent of the amount , Kishore 32 per cent and Tarun makes up 22 per cent of the sanctioned amount.

Out of a total 5,41,27,092 accounts, Shishu accounts are at 4,69,04 215, Kishore at 58,64,952 and Tarun at 13,57,925.

Out of these accounts, women borrowers are 340.45 lakh and SC/ST/OBC borrowers are 259.71 lakhs, the new entreprenuers are 107.57 lakh, the data said.

These loans require no collateral security and are guaranteed by the Credit Guarantee for Micro Units (CGFMU), and the same is provided through the National Credit Guarantee Trustee Company (NCGTC).

Also Read

2,313 frauds reported in Mudra loan accounts

Mudra loan NPAs soar 34% in Gujarat in March quarter

RBI panel for hike in collateral free lending, MUDRA loan limit to Rs 20 lakh

Some Mudra loans may turn toxic: Rating Cos

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service