Updated By: LatestGKGS Desk
Finance Ministry Ties Up With 40 Entities To Extend Funds To Small Entrepreneurs
PMMY Scheme: Union Finance Ministry Ties Up With 40 Entities To Extend Funds To Small Entrepreneurs
Union Ministry of Finance has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul among others for extending loans to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY) Scheme.
Union Finance Ministry, in a bid to identify people who can be given funds under the PMMY scheme, has organised an event on 23rd May 2018 in Mumbai to extend loan under the scheme.
The CEOs of various Banks like SBI, ICICI, BOB, PNB; senior officials in the rank of MD or CEO from Oil Companies, Railway Board has participated in the event.
Major companies that have tied-up with the Union Finance Ministry are Amazon; Zomato; Meru Cab; Muthoot; Edelweiss; Amul; Ola; Make My Trip; Big Basket; Carz on Rent; Habib Salon; Flipkart; Patanjali Swiggy and few others.
Pradhan Mantri Mudra Yojana (PMMY)
PMMY was launched by Prime Minister Narendra Modi on 8th April 2015, for providing loans of up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.
The Government of India has extended Rs 2.53 lakh crore credit under the Mudra Yojana in the year 2016-17.
Under the PMMY scheme, the loans are classified as MUDRA loans. These loans are provided by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs. The borrower can approach any of the lending institutions or can apply online through this portal.
Under the shield of PMMY scheme, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun' for loans upto Rs 50000, Rs 50000-5lakhs and Rs 5-10 lakhs respectively.
The PMMY scheme also provides a MUDRA card that allows credit in a hassle free and flexible manner.
