Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India Scheme (SUPI) are the flagship programs implemented by the Department of Financial Services (DFS) to provide loans to entrepreneurs. This was stated by Union Minister of State for Finance, Dr Bhagwat Kisanrao Karad, in a written response to a question posed to Lok Sabha today.
Under PMMY, institutional credit up to Rs. 10 lakh is provided by member lending institutions (MLIs) for the entrepreneurial activities of micro / small business units, including for new businesses, which help to create income generating activities in sectors such as manufacturing, trade, services and agriculture-related activities. The government assigns annual targets for the amount to be sanctioned under the PMMY to MLIs. For the current fiscal year (AF), a penalty target of Rs. 3.00 lakh crore has been corrected for MLI.
The minister said that according to data uploaded by Member Lending Institutions (MLI) to the Mudra portal, as of 03.31.2021, more than 29.55 crore in loans amounting to Rs. 15.52 lakh crore have been sanctioned under the PMMY across the country since the program’s inception in April 2015. Of these, over 6.80 crore in loans amounting to Rs. 5.20 lakh crore has been extended to new entrepreneurs /accounts.
Giving details of the other flagship program, Stand-Up India (SUPI), the minister said he was facilitating bank loans between Rs.10 lakh and Rs.1 crore to at least one listed caste / tribe borrower and at least one female borrower per bank branch of commercial banks programmed for the creation of entirely new enterprises in manufacturing, trade or services and activities related to agriculture.
The minister said that the bank details (public sector banks) regarding the number of loans granted to new entrepreneurs in each of the past three years and the current year regarding PMMY and SUPI are respectively placed at the Annex I and Annex II. .
The minister also said the government is taking action on complaints received from time to time regarding the implementation of PMMY and SUPI, including denial of loan requests or non-release of funds, which are handled in coordination. with the respective banks.
(With inputs from GDP)