Pradhan Mantri Mudra Yojna, which stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by Government of India for development and refinancing of micro-units enterprises. It was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016. The purpose of Pradhan Mantri Mudra Yojna is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.
The biggest bottleneck to the growth of entrepreneurship in the Non–Corporate Small Business Sector (NCSBS) is lack of financial support to this sector. More than 90% of this sector does not have access to formal sources of finance. GoI is setting up Pradhan Mantri Mudra Yojna Bank through a statutory enactment for catering to the needs of the NCSBS segment or the informal sector for bringing them in the mainstream.
Pradhan Mantri Mudra Yojna would be responsible for refinancing all Last Mile Financiers such as Non-Banking Finance Companies, Micro Finance Institutions, Societies, Trusts, Section 8 Companies [formerly Section 25], Small Finance Banks and Regional Rural Banks which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities as well as agri-allied activities. Pradhan Mantri Mudra Yojna would also partner with State/Regional level financial intermediaries to provide finance to Last Mile Financier of small/micro business enterprises.
Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY) has already created its initial products/schemes. The interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also to provide a reference point for the next phase of graduation/growth to look forward to. The financial limit for these schemes are:-
- a. Shishu: covering loans up to 50,000/-
- b. Kishor : covering loans above 50,000/- and up to 5 lakh
- c. Tarun: covering loans above 5 lakh to 10 lakh
Gujarati Video Tutorial For Pradhan Mantri Mudra Yojana (PMMY)
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