PM Modi's PMMY loan scheme successful in Telangana
Hyderabad, June 12 (KNN) The Telangana has surpassed its target under the Pradhan Mantri Mudra Yojana (PMMY) in the disbursement of loans to the beneficiaries in 2017-18.
As against the target of Rs 5,070 crore, the Union government extended loans to the tune of Rs 5,470 crore to 7.57 lakh budding entrepreneurs through the banks in the state registering 107% achievement of taret.
At a time when the Telagana government is battling hard to extend finacial assistance to aspiring entrepreneurs under various state sponsored self-employment schemes, Prime Minister Narendra Modi’s pet scheme Pradhan Mantri Mudra Yojana (PMMY) has become a big hit in Telangana.
Under the BJP-led NDA government’s flagship program - PMMY, the beneficiaries are being extended loans up to Rs 10 lakh.
According to media reports, Telangana has achieved the targets first time in the last three years ever since the scheme was launched in 2015 and was one among the few states which achieved the targets under the PMMY scheme in the country.
MUDRA (Micro Units Development and Refinance Agency Ltd) has been established by Modi government to administer the implementation of the scheme in coordination with the financial institutions at gross root level.
The beneficiaries are provided with loans without collateral security under the scheme. The beneficiaries set up small scale industries, mini supermarkets, utilizing the loans provided.
The flexibility in the re-payment of loans attracted many to seek loans directly from the banks under the PMMY.