Till November 25, 2015, an amount of Rs. 45948.28 crore has been disbursed under the Pradhan Mantri Mudra Yojana (PMMY) and the total number of borrowers were 66, 00,241.
In the Union Budget 2015-16, the Finance Minister proposed to create a Micro Units Development Refinance Agency (MUDRA) Bank.
PMMY was launched by the Prime Minister on April 8, 2015 to provide formal access to credit for Non –Corporate Small Business Sector.
Any Indian Citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than10 lakh can approach either a Bank, MFI, or NBFC for availing of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY).
Under the scheme there are three categories of loans – Shishu for loans up to Rs. 50,000; Kishore for loans above Rs.50, 000 and up to Rs. 5.0 lakh; and Tarun for loans above Rs.5.0 lakh and up to Rs. 10 lakh.
No of Shishu Loans have nearly gone-up nearly six fold (from 7.2 lac to 47 Lac) and the amount disbursed shows a 283% hike. (from Rs. 1835 Cr. to Rs 7046 Cr.) In the Kishore loan category, disbursements have increased by 91% (from Rs. 8156 Cr. to Rs. 15704 Cr.) In the Tarun Loan category, disbursements have increased by 21% (from Rs. 7851 Cr. to Rs. 9501 Cr.)
MUDRA Card is an innovative credit product wherein the borrower can avail of credit in a hassle free and flexible manner.
Public Sector Banks have been allocated a total target of Rs.70,000 crore, and private sector/ Foreign Banks a target of Rs 30000 cr. The RRBs were given a target of Rs 22000 crore. All together, the target for loan disbursement under PMMY for F.Y 2015-16 is fixed at 1,22,000 crore.