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MUDRA Loans Cross Rs 5 Lakh Crore Mark, Record Growth In FY24

Updated: Apr 09, 2024 06:14:04pm

MUDRA Loans Cross Rs 5 Lakh Crore Mark, Record Growth In FY24

New Delhi, Apr 9 (KNN) The Pradhan Mantri Mudra Yojana (PMMY) scheme witnessed an exceptional performance in the financial year 2023-24 (FY24), with small business loans under the program crossing the milestone of Rs 5 lakh crore in disbursals.

According to the latest government data, the loan disbursals under PMMY reached a record high of Rs 5.20 lakh crore in the year ended March 2024, marking a significant increase from Rs 4.40 lakh crore in the previous fiscal year.

The total loans sanctioned in FY24 stood at an impressive Rs 5.28 lakh crore, further highlighting the scheme's success in providing financial support to small businesses and entrepreneurs.

A senior Mudra official revealed that since the introduction of PMMY in 2015, approximately Rs 46 lakh crore has been disbursed as Mudra loans, including the provisional figures for FY24, reported Businessline.

The official also highlighted the institutional framework that encourages lenders to boost Mudra loan disbursals.

This includes the guarantee provided by the National Credit Guarantee Trustee Company Ltd. (NCGTC) against eligible micro units under PMMY, which helps mitigate risks for lenders.

Additionally, a new trend has emerged wherein existing customers are scaling up to higher category loans, indicating the stabilisation and growth of their businesses.

(KNN Bureau)


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