{"id":237942,"date":"2023-04-14T19:22:24","date_gmt":"2023-04-14T13:52:24","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=237942"},"modified":"2023-04-17T16:13:12","modified_gmt":"2023-04-17T10:43:12","slug":"those-criticizing-mudra-scheme-dont-understand-power-of-microfinance-pm","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/those-criticizing-mudra-scheme-dont-understand-power-of-microfinance-pm\/","title":{"rendered":"Those criticizing MUDRA scheme don\u2019t understand power of microfinance: PM"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article <\/span>\u201cThose criticizing MUDRA scheme don\u2019t understand power of microfinance: PM\u201d <\/b>published in <\/span>The Hindu <\/b>on 14th April 2023<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

The Prime Minister has said that the Mudra<\/span> loan project for small and micro enterprises has created over eight crore new entrepreneurs.<\/span><\/p>\n

What is Pradhan Mantri Mudra Yojana(PMMY)?<\/b><\/h2>\n

Launched in: <\/b>2015<\/span><\/p>\n

Aim: <\/b>To provide collateral-free loans of up to Rs. 10 Lakh to small\/micro enterprises.<\/span><\/p>\n

Lending Institutions:<\/b> The loans are extended by Member Lending Institutions (MLIs) viz Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc.\u00a0<\/span><\/p>\n

Activities covered:<\/b> The loans are given for income-generating activities in manufacturing, trading and services sectors and for activities allied to agriculture.<\/span><\/p>\n

Categories: <\/b>MUDRA loans are offered in three categories namely: <\/span>1)<\/b> Shishu: covering loans up to Rs. 50,000\/ <\/span>2) <\/b>Kishore: covering loans above Rs. 50,000\/- and up to Rs. 5 lakhs and <\/span>3) <\/b>Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs.<\/span><\/p>\n

MUDRA Card:<\/b> It is an innovative credit product wherein the borrower can avail of credit in a hassle-free and flexible manner. It provides a facility of working capital arrangement in the form of an overdraft facility to the borrower.\u00a0<\/span><\/p>\n

\u2013 Since a MUDRA Card is a RuPay debit card, it can be used for drawing cash from an ATM or Business Correspondent or making a purchase using a Point of Sale (POS) machine.\u00a0<\/span><\/p>\n

\u2013 Facility is also there to repay the amount, as and when, surplus cash is available, thereby reducing the interest cost.<\/span><\/p>\n

What are the steps taken to improve the implementation of the Scheme?<\/b><\/h2>\n

Provision for online applications through PSBloansin59minutes and Udyamimitra portal,<\/span><\/p>\n

Intensive publicity campaigns for increased visibility of the scheme amongst the stakeholders,\u00a0<\/span><\/p>\n

Nomination of MUDRA Nodal Officers in Public Sector Banks (PSBs),<\/span><\/p>\n

Periodic monitoring of the performance of PSBs with regard to PMMY.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cThose criticizing MUDRA scheme don\u2019t understand power of microfinance: PM\u201d published in The Hindu on 14th April 2023 What is the News? The Prime Minister has said that the Mudra loan project for small and micro enterprises has created over eight crore new entrepreneurs. What is Pradhan… Continue reading Those criticizing MUDRA scheme don\u2019t understand power of microfinance: PM<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,956,9],"tags":[3165,10498],"class_list":["post-237942","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-schemes-and-programs","category-public","tag-mudra-scheme","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/237942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=237942"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/237942\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=237942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=237942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=237942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}