Prime Minister Narendra Modi on Tuesday said more than Rs 33 lakh crore of collateral-free loans have been sanctioned under Mudra Yojana, empowering countless individuals to showcase their entrepreneurial skills.
Interacting with the select beneficiaries of the PM Mudra Yojana (PMMY) at his residence on the 10th anniversary of the scheme, he said it has helped promote the spirit of entrepreneurship among the youth of the country and given them confidence to become job providers rather than job seekers.
With the objective of funding the unfunded, Prime Minister Modi on April 8, 2015 launched PMMY to provide collateral-free institutional credit through Member Lending Institutions.
“It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC communities, and over 70 per cent of the beneficiaries are women.
“Every Mudra loan carries with it dignity, self-respect and opportunity. In addition to financial inclusion, this scheme has also ensured social inclusion and economic freedom,” he said.