bereajoy：Here's why the government is excited about the latest data on Mudra loans
bereajoy：Here's why the government is excited about the latest data on Mudra loans
Even as concerns about a significantly large number of bad loans were rife in the Pradhan Mantri Mudra Yojna, the actual repayment data obtained under the Right to Information Act shows that it was not as bad as it was perceived. In the seven years since the scheme was launched, the borrowers --essentially micro and small enterprises -- have maintained a comparatively healthier repayment record.
The data showed that banks' non-performing assets for Mudra loans - including those extended during the Covid-19 pandemic when small enterprises were hardest hit - are lower than average for the sector.
The Indian Express reported that since Mudra was launched in 2015, bad loans under it accounted for Rs 46,053 crores, or 3.38 percent of overall disbursements till June 30, 2022. This represents less than half of the Indian banking sector's 5.97 percent NPAs for the financial year 2022.
What is the Mudra Scheme?
The Micro Units Development & Refinance Agency, or MUDRA, is a financial institution set up by the Government of India to promote and refinance micro enterprises. MUDRA's goal is to finance small businesses in the non-corporate sector through a variety of Last
Under the Pradhan Mantri MUDRA Yojana (PMYY), the government offers three different forms of loans for business startup. The first loan, known as the Shishu loan, is up to Rs 50,000. The second loan, Kishore, is from 50,000 to 5,00,000 rupees, while the third loan, Tarun, ranges from 5,000 to 10,000. Over 19 crore persons in these three groups have received loans from the government in the previous seven years.
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