What are the features of Pradhan Mantri Mudra Yojana PMMY 1 PMMY is a flagship scheme of GoI to...........

Finance (Phase -I & II) Financial Inclusion

What are the features of Pradhan Mantri Mudra Yojana(PMMY)?

1.PMMY is a flagship scheme of GoI to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.

2.It enables a small borrower to borrow from all Public Sector Banks such as PSU Banks, Regional Rural Banks (RRBs) and Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance.

3.Micro Units Development & Refinance Agency Ltd. (MUDRA), a new institution, has been set up to provide funding to income generating activities of such beneficiaries (micro and small enterprises) whose credit needs are below ?10 Lakh.

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Explanation:

Objective & Key Features :-

PMMY is a flagship scheme of GoI to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.
It enables a small borrower to borrow from all Public Sector Banks such as PSU Banks, Regional Rural Banks (RRBs) and Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance
Institutions (MFI) and Non-Banking Finance Companies (NBFC) for loans upto Rs 10 lakhs for nonfarm income generating activities.
Micro Units Development & Refinance Agency Ltd. (MUDRA), a new institution, has been set up to provide funding to income generating activities of such beneficiaries (micro and small enterprises) whose credit needs are below ?10 Lakh.
Under PMMY, MUDRA has created 3 products as per the stage of growth and funding needs of the beneficiary micro unit. These schemes cover loan amounts as below:
Shishu: covering loans up to ?50,000
Kishore: covering loans above ?50,000 and up to ?5,00,000
Tarun: covering loans above ?5,00,000 and up to ?10,00,000