Pradhan Mantri Mudra Yojana (PMMY)

Why in News?

• Recently, a sample survey conducted at the national level by Ministry of Labour and Employment (MoLE) to assess employment generation under Pradhan Mantri Mudra Yojana (PMMY), which helped in generating 1.12 crore net additional employment during a period of approximately 3 years (i.e., from 2015 to 2018).

Highlights

• Out of 81 lakh loans given in the state of Rajasthan, over 52 lakh were given to women entrepreneurs in the last three financial years, which is 64% of all loans.
• In 2016-17, the scheme was expanded to cover activities related to agriculture, such as fishing, dairy, and food processing.
• In 2017-18, loans for tractors and power tillers became eligible under PMMY, with a maximum limit of Rs. 10 lakhs.
• From 2018-19 onwards, loans for two-wheelers for commercial use were included in PMMY.
• It  was launched by the Government of India in 2015.
• It  provides collateral-free institutional loans up to Rs. 10 lakhs for small business enterprises.
• Provision for online applications through udyamimitra portal.
• Some Public Sector Banks (PSBs) have put end-to-end digital lending for automated sanctions under PMMY.
• Intensive publicity campaigns by PSBs and Mudra Ltd. For increased visibility of the scheme amongst the stakeholders.
• Nomination of Mudra Nodal Officers in PSBs.