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MUDRA: Rs. 1 lac crore more has to be lent
- Banks have been struggling to meet the target for lending Mudra loans. The government, in Budget 2018-19, had said it intends to disburse loans of up to Rs 3 lakh crore in the current fiscal. However, as on February 22, the total loan disbursed under the Micro Units Development and Refinance Agency Ltd (Mudra) scheme stood at about 2 lakh crore.
- Pradhan Mantri MUDRA Yojana (PMMY) was launched in 2015. It seeks to extend affordable credit to micro and small enterprises. Loans up to Rs.10 lakh are extended to non-corporate, non-farm enterprises. These loans are classified as MUDRA loans.
- Loans under Mudra are given under different categories viz. ‘Shishu’, ‘Kishor’ and ‘Tarun’. These categories are based on the stage of growth or development and funding needs of the beneficiary.
- Sishu covers loans up to Rs. 50,000. Kishore covers loans above Rs. 50,000- and up to 5 lakh. Tarun covers loans above Rs. 5 lakh and up to Rs.10 lakh
