New Delhi: In what appears to be a big boost to ‘Vocal for Local’ campaign, Rs 15.52 lakh crore has been sanctioned in the form of 29.55 crore loans to entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY) since 2015. PMMY and Stand-Up India Scheme (SUPI) are the flagship schemes implemented by the Department of Financial Services (DFS) for extending loans to entrepreneurs.
In the written reply to a question in the Lok Sabha on Monday, Union Minister of State for Finance Dr Bhagwat Kisanrao Karad said that under PMMY, institutional credit up to Rs 10 lakh is provided by the Member Lending Institutions (MLIs) for entrepreneurial activities to micro/small business units, including for new enterprises, which help in creating income generating activities in sectors such as manufacturing, trading, services and activities allied to agriculture.
The government allocates annual targets regarding the amount to be sanctioned under PMMY to MLIs. For the current financial year (FY), a target of sanction of Rs 3 lakh crore has been fixed for MLIs. The minister stated that as per data uploaded by MLIs on Mudra portal, as on 31.03.2021, over 29.55 crore loans amounting to Rs 15.52 lakh crore have been sanctioned under PMMY across the country, since inception of the scheme in April, 2015. Of these, more than 6.80 crore loans amounting to Rs 5.20 lakh crore have been extended to new entrepreneurs or accounts.
Giving details of the other flagship scheme, Stand-Up India (SUPI), the Minister said that it facilitates bank loans between Rs 10 lakh and Rs 1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of scheduled commercial banks for setting up greenfield enterprises in manufacturing trading or services sector and activities allied to agriculture.
The minister also stated that the Government takes measures on complaints received from time to time in respect of implementation of PMMY and SUPI, including turning down loan applications or non-release of funds, which are redressed in coordination with the respective banks. /BI/
