Loans of Rs 14.96 lakh crore sanctioned since launch of PM Mudra scheme

According to the Centre, more than 28.68 crore loans for an amount of Rs 14.96 lakh crore have been sanctioned by banks, NBFCs and MFIs since the launch of PMMY

More than 28.68 crore loans for an amount of Rs 14.96 lakh crore have been sanctioned by banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) since the launch of Pradhan Mantri Mudra Yojana (PMMY), according to the Centre.

"Ministry of Finance is committed to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. Financial needs of all stakeholders ranging from the budding entrepreneurs to the hard-working farmers has also been catered to through various initiatives," the Union Finance Ministry said in a statement.

"A key initiative towards this is Pradhan Mantri Mudra Yojana (PMMY), which has given wings to the dreams and aspirations of millions, along with a feeling of self-worth and independence," the statement added.

The PMMY was launched by Prime Minister Narendra Modi on April 8, 2015, for providing loans upto Rs 10 lakh to non-corporate, non-farm small or micro-enterprises.