Women Accorded Top Priority Under Pradhan Mantri Mudra Yojana Scheme

Context:

• Recently, the Union Finance and Corporate Affairs Minister said that women entrepreneurs are accorded first priority under the Centre’s flagship Pradhan Mantri Mudra Yojana scheme.

Pradhan Mantri Mudra Yojana Scheme: Key Highlights

• The Finance Minister highlighted that the Pradhan Mantri Mudra Yojana aims to provide loans through banks particularly to empower women entrepreneurs.
• The scheme allows women who are running small businesses or interested in starting a business, can approach the bank and start their venture by receiving the loans from PM Mudra Yojana scheme. 
• Through this scheme, if 100 people were beneficiaries, 60 of them would comprise women. Women were accorded top priority under the PM Mudra scheme,” she pointed out.

About Pradhan Mantri MUDRA Yojana (PMMY):

• MUDRA, stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by the Centre.
  • MUDRA was initially formed as a wholly owned subsidiary of the Small Industries Development Bank of India (SIDBI) with 100% capital being contributed by it. 
• Launch Year: 2015
• Objective: To provide loans up to 10 lakh to non-corporate, non-farm small and micro enterprises through Banks, Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs).
• MUDRA does not lend directly to micro-entrepreneurs/individuals.
• Loans under this scheme are collateral-free loans.
• Ministry: Ministry of Finance 

News Source: Financial Express

DOWNLOAD PDF