Govt fixes Rs. 1.22 lakh crore loan disbursement under Pradhan Mantri Mudra Yojana

News:

• Banks will disburse about Rs 1.22 lakh crore loan to small business units under Pradhan Mantri Mudra Yojna (PMMY) during the current fiscal.
• The banking sector has been allocated an overall disbursement target of Rs 1,22,188 crore during 2015-16 for MUDRA loans and the banks have already disbursed Rs 15,566 crore as on August 17 to more than 20 lakh borrowers under PMMY.
• The PMMY provide loans between Rs 50,000-Rs 10 lakh to small entrepreneurs. The Micro Units Development and Refinance Agency Ltd (MUDRA) focuses on the 5.75 crore self-employed who use funds of Rs 11 lakh crore and provide jobs to 12 crore people.
• Three products available under the PMMY are Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.
• Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.
  Source: ET