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Banks have given `6 lakh cr Mudra loans to 12 cr beneficiaries: PM

Wednesday, May 30, 2018

Prime Minister Narendra Modi yesterday said that loans worth Rs 6 lakh crore have been given to 12 crore beneficiaries under the Mudra scheme as he accused the previous governments of tokenism and not enough for small businesses.

Unlike the loan melas organised by previous governments, he said that the Pradhan Manrti Mudra Yojana (PMMY) has helped and encouraged people to tread the unconventional path, fulfil their dreams and generate jobs for others by setting up small businesses.

PMMY was launched by the Prime Minister on April 8, 2015, for providing loans of up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.

Last fiscal, the government extended Rs 2.53 lakh crore credit under the Mudra Yojana, while Rs 5.73 lakh crore has been extended in last 3 years.
Interacting with Mudra beneficiaries from across the country through a video conference, the Prime Minister said that under the loan melas, which were organised with great fanfare, loans were provided to selected persons and no one bothered about their repayment.

“Do you know 25-30 years ago there used to be loan melas for political benefit and people who were close to politicians used to gets loans with no intension of returning them. There used to be great fan fare but no one bothered to find the end results,” he said.

The NDA government did not organise any loan melas or gave space to intermediaries. It trusted the country's youth and women to get loans directly from the banks and start their own small business, the Prime Minister said.

“We trusted small businesses, we trusted business skills of first time entrepreneurs and loans were given under the Mudra Yojana for setting up their own venture,” Modi said.

The government developed the new product 'Mudra' with a view to provide opportunity to poor people and small businesses to obtain loans from banks without any collateral to either start small enterprise or expand the existing ones, he said.

Mudra has created opportunities for self-employment and is acting as job-multiplier, Modi said, adding that as many as 12 crore received Rs 6 lakh crore in loans under the scheme.

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