With reference to Pradhan Mantri MUDRA Yojana PMMY scheme consider following statements Union C...........

Economic Affairs Small Scale Industries

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With reference to Pradhan Mantri MUDRA Yojana (PMMY) scheme, consider following statements

Union Cabinet has approved 2% Interest Subvention approved on prompt repayment of kishore Loans under this for a period of 12 months.
The scheme’s objective is to refinance collateral-free loans given by the lenders to small borrowers.
Loans under Mudra are given under different categories viz. ‘Shishu’, ‘Kishore’ and ‘Tarun' as per the stage of growth and funding needs of the beneficiary micro unit.

Select the correct statement.

1&2 only

2&3 only

1&3 only

All of the above

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Explanation:

Recently, the Cabinet has approved 2% Interest Subvention approved on prompt repayment of Shishu Loans under Pradhan Mantri MUDRA Yojana for a period of 12 months. This development is as per the announcement made under the Atmanirbhar Bharat programme. It will be implemented by the SIDBI. Hence onl statement 2&3 are correct.

Launched in April, 2015. The scheme’s objective is to refinance collateral-free loans given by the lenders to small borrowers. Under the aegis of PMMY, MUDRA has created three products i.e. 'Shishu', 'Kishore' and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit.

Shishu: Covering loans up to Rs. 50,000.
Kishore: Covering loans above Rs. 50,000 and up to Rs. 5 lakh
Tarun: Covering loans above Rs. 5 lakh and up to Rs. 10 lakh