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Banks Sanction INR 23.2 Lakh Crore To About 40.82 Crore Beneficiaries Under Mudra Yojana PM Mudra Yojana has played a vital role in funding the unfunded and ensuring a life of dignity as well as prosperity for countless Indians

By Teena Jose

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Banks and financial institutions have sanctioned INR 23.2 lakh crore to over 40.82 crore beneficiaries under the Mudra Yojana since its launch in 2015, according to a PTI report.

The report further said that Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to INR 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities.

PM Mudra Yojana has played a vital role in funding the unfunded and ensuring a life of dignity as well as prosperity for countless Indians. Today, as we mark 8 years of MudraYojana, I salute the entrepreneurial zeal of all those who benefitted from it and became wealth creators," Prime Minister Narendra Modi said in a tweet.

Speaking on the occasion of the 8th anniversary, Finance Minister Nirmala Sitharaman said, "Since the launch of the scheme, as of March 24, 2023, about INR 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts."

"About 68% of accounts under the scheme belong to women entrepreneurs, and 51% of accounts belong to entrepreneurs of SC/ST and OBC categories. This demonstrates that easy availability of credit to the budding entrepreneurs of the country has led to innovation and sustained increase in per capita income," she reportedly added.

Furthermore, as per the report the minister highlighted the indigenous growth through MSMEs and said, "The growth of MSMEs has contributed massively to the 'Make in India' programme, as strong domestic MSMEs lead to increased indigenous production both for domestic markets as well as for exports. The PMMY scheme has helped in the generation of large-scale employment opportunities at the grassroots level, and also has proved to be a game changer while boosting the Indian economy."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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