Consider the following statements regarding Pradhan Mantri Mudra Yojana 1 Under this ...........

Economic Affairs Types of Banks and Banking

Consider the following statements regarding Pradhan Mantri Mudra Yojana?

1. Under this yojana, MUDRA Bank will be set up for development and refinancing activities relating to micro units.

2. Under the Tarun Loan category, loans upto Rs 50000 will be given whereas loans exceeding this amount will be given under the Shishu Loan category.

3. MUDRA Bank will disburse loans only under two categories.

Select the correct statements from the codes given below:

1 only

1 and 3 only

2 and 3 only

All of the above

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Explanation:

2nd and 3rd statements are incorrect.
3rd statement is incorrect because MUDRA Bank will disburse loans under three categories.

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. Under the aegis of PMMY, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth.