Modi’s MUDRA Yojana coughs up over Rs 21k Crores

Modi’s MUDRA Yojana coughs up
over Rs 21k Crores
Union Minister for Law DV Sadananda Gowda said today Rs 21,586 Crores has been given away under the MUDRA Yojana. The programme has helped over 33 lakh Indians.

"A total of Rs 21,586 crore has been disbursed under the yojana so far benefiting 33.31 lakh people," Gowda said.

" Reserve Bank of India had issued necessary circular that no collateral security should be insisted for loans up to Rs 10 lakh under MUDRA" (Micro Units Development and Refinance Agency) Yojana, launched in April last,” he added.

"One of the main aims of the yojana was to check exploitation of small entrepreneurs in the hands of private money lenders who charged high rate of interest for loans," the Minister said.

Gowda says the program would help inspire confidence in small and medium entrepreneurs across the country. He said more than 75% of these loans are repaid.

There are also provisions to extend special benefits to people belonging to scheduled castes and scheduled tribes, youths and women, he said.

Image credit: Indiatimes