AMN /
Finance Minister Arun Jaitley today launched a week long credit campaign under Pradhan Mantri Mudra Yojana, PMMY with an aim to provide credit to small scale entrepreneurs.
Addressing a gathering after inaugurating the Mudra Mega Credit Camp in New Delhi today, Mr Jaitley said, unorganised sector provides employment opportunities to 11 crore people in the country and PMMY will help in funding them via banks in an organised manner.
He said, Government has started PMMY to provide job opportunities through self employment to different sections of society in the country and there is a need to create awareness among people to take benefit of the scheme as it will boost economic activity in market.
The Minister said, loans have been disbursed through PMMY to 37 lakh persons totaling around Rs 22,000 crore so far in the current Financial year.On the occasion, Mr Jaitley also disbursed loan to beneficiaries under the scheme.
The Mega credit campaigns are being conducted all over the country by banks from today on the occasion of Pandit Deendayal Upadhyaya’s birth anniversary till Gandhi Jayanti. All public sector banks, regional rural banks and private sector banks have set a target of 1.22 lakh crore rupees during the current financial year for disbursement to small and micro enterprises.
MUDRA Ltd has been established as a subsidiary of Small Industries Development Bank of India, SIDBI with an initial corpus of Rs 5,000 crore to provide capital to all banks seeking refinancing of small business loans under PMMY.