Latest news with #PMMY
The Hindu
a day ago
- Business
- The Hindu
Poojary asks banks to lend for creation of self-employment
Kota Srinivas Poojary, Udupi-Chikkamagalur MP, has asked banks to give priority for lending to schemes like Pradhan Mantri Mudra Yojana (PMMY) to create more self-employment. Speaking at the District Consultative Committee and District Level Review Committee meeting for banking development in Udupi on Saturday Mr. Poojary said economy grew when more people are self-employed. The MP asked banks to instruct its employees to speak with customers in Kannada at branches. If no Kannada speaking officials are posted, it should ensure that Kannada knowing employees are deputed from other branches to deal with customers in Kannada. Mr. Poojary said that while lending under PM Vishwakarma Yojana, Udupi district secured second position in Karnataka. Efforts should be made to take the district to the top position as prominent nationalised banks took birth in the coastal belt. He said that under the Union and State government schemes, financial assistance and benefits should reach the common people without any inconvenience being caused at the banks. More people should be enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), which are the social security schemes, he said. Any problems faced while providing financial assistance should be resolved promptly to ensure achievement of the set targets, he told bankers. According to the statistics placed by the lead bank in the meeting, Udupi district achieved 86.28 % of its agriculture credit target during 2024-25. When it came to lending to the MSME sector, 91.08 % of the target was achieved in the last financial year. The data showed that the district achieved 95.50 % target in advancing to education and 85.37 % progress in lending to housing sector. The Chief Executive Officer of Udupi Zilla Panchayat Prateek Bayal participating in the meeting said that lending to priority sector, as per RBI guidelines, needs to be increased. Women from self-help groups seeking financial help to start small businesses should be encouraged. ''They should be given proper guidance about the schemes and documents needed, and no application should be rejected by the banks,' he said.
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Business Standard
16-06-2025
- Business
- Business Standard
'No such letter issued': Government on claim of Rs five lakh Mudra loan
The government has rejected a viral message promising Rs 5 lakh under the Pradhan Mantri Mudra Yojana (PMMY) in exchange for a fee of Rs 2,100, saying that no such letter has been issued. The Press Information Bureau (PIB), through its official fact-checking handle on X, issued a clarification debunking the fraudulent message, which has been widely circulating on social media and messaging platforms. What's the viral Mudra loan claim? A false loan approval letter, bearing a forged government stamp and signature, claims that applicants can receive Rs 5 lakh under the PM Mudra Yojana, provided they deposit Rs 2,100 as a processing or registration fee. What does the government say? According to a post by PIB Fact Check on X, no such letter or offer has been issued by any authorised government agency. 'A viral message claims that a loan of Rs 5 lakh under PM Mudra Yojana can be availed by depositing Rs 2,100. This claim is fake. No such letter has been issued by the Government of India,' PIB said in its post. The bureau further urged citizens to avoid responding to such messages and rely only on official sources for information related to government schemes. What is PM Mudra Yojana? Launched in 2015, the Pradhan Mantri Mudra Yojana provides collateral-free loans of up to Rs 10 lakh to micro and small enterprises. These loans are offered by commercial banks, regional rural banks, small finance banks, NBFCs, and microfinance institutions. Key points to remember: · There is no processing fee required directly from the applicant to receive Mudra loans. · Loans under this scheme must be applied through registered financial institutions. · Loan approval letters are not issued over WhatsApp or email. What should borrowers do? · Ignore messages asking for upfront payments. · Verify any government-related information through official websites like or · Report suspicious communications to cybercrime portals or helplines. In an age of digital misinformation, borrowers should be vigilant and avoid offers that sound 'too good to be true.'
Hans India
15-06-2025
- Business
- Hans India
FM hands over loan sanction letters worth Rs 5.13 crore to beneficiaries in Leh
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday handed over loan sanction letters worth Rs 5.13 crore to beneficiaries in Ladakh's Leh, under various Central government financial inclusion schemes. The move is part of the Centre's continued efforts to empower local communities through targeted economic support and strengthen entrepreneurship in remote regions like Ladakh. The Finance Minister distributed the sanction letters during the Credit Outreach Programme organised in Leh, where beneficiaries of schemes such as the Pradhan Mantri Mudra Yojana (PMMY), the PM Vishwakarma Yojana, the Prime Minister's Employment Generation Programme (PMEGP), the PM Formalisation of Micro Food Processing Enterprises (PM-FME) Scheme, and Joint Liability Group (JLG) loans received official support from participating banks. FM Sitharaman, who is on a four-day visit to Ladakh, also interacted with beneficiaries and bank officials during the programme. Her visit comes at a time when the government is increasing its focus on financial inclusion in aspirational and border regions. Through these initiatives, the government aims to promote local entrepreneurship, generate employment, and ensure equitable access to formal credit systems. Earlier in the day, the Finance Minister visited an exhibition in Leh featuring local handicrafts, handloom products, and sustainable innovations developed by women-led self-help groups (SHGs) and small entrepreneurs. She praised their creativity and the role they play in preserving Ladakh's cultural heritage, while also contributing to rural economic development. The Centre's flagship schemes, like the PM Mudra Yojana and DAY-NRLM, have played a key role in driving financial inclusion across India. Under the PMMY alone, over 52 crore loans worth Rs 32.61 lakh crore have been sanctioned since its launch, with nearly 70 per cent of the beneficiaries being women entrepreneurs. The scheme's emphasis on collateral-free credit has enabled small business owners, particularly in rural and semi-urban areas, to become financially independent. The Finance Minister was also scheduled to meet with officials from the Ladakh Autonomous Hill Development Council (LAHDC) and the Union Territory administration, and inaugurate various developmental projects during her visit.
New Indian Express
04-05-2025
- Business
- New Indian Express
Homemaker's inspiring journey to become a successful entrepreneur
KADAPA: 45-year-old homemaker from Kadapa district has become a symbol of empowerment for women. Canara Bank-trained entrepreneur Annam Lakshmi Bhavani, a resident of Chinnamusalreddypalle, rose from modest beginnings to establish a successful jute bag unit. Her journey—from self-taught tailor to successful businesswoman—earned national recognition when Prime Minister Narendra Modi lauded Bhavani during the 10th anniversary of the Pradhan Mantri Mudra Yojana (PMMY). A graduate in Bachelor of Arts, Bhavani spent 11 years as a homemaker after marrying Kiran Prasad, TVS showroom general manager. Determined to support her family, she began learning stitching with a group of neighbourhood women. Their initial interest in jute bag manufacturing faced hurdles, as they struggled to find proper guidance online. In 2019, she turned to the Rural Self Employment Training Institute (RSETI) run by Canara Bank. Although the institute typically required 30 to 35 participants, Bhavani mobilised 21 women through her Development of Women and Children in Rural Areas (DWCRA) group and convinced the bank to conduct the training. Following a 13-day programme, she secured a loan of Rs 2 lakh and launched her jute bag unit, employing local women. When the COVID-19 pandemic brought operations to a halt, Bhavani refused to give up. Instead, she leveraged her DWCRA network to fulfil mask stitching orders from government departments including the District Collectorate and District Rural Development Agency (DRDA). Backed by the lead bank manager, she oversaw the production of nearly 2.5 lakh masks—generating income for 40 neighbourhood women.
Times of Oman
03-04-2025
- Business
- Times of Oman
Around 50% of Mudra accounts in India belong to SC, ST and OBCs; boosting financial independence: SBI Report
New Delhi: The Pradhan Mantri Mudra Yojana (PMMY) is boosting financial independence among marginalized groups as nearly 50 per cent of the 52 crore PMMY accounts belong to individuals from Scheduled Castes (SC), Scheduled Tribes (ST), and Other Backward Classes (OBC), says a report by State Bank of India (SBI). The report further emphasized that PMMY has become a crucial tool in making non-General category entrepreneurs financially self-sufficient. Launched in 2015 by the Prime Minister, the scheme aims to provide transparent, collateral-free, and adequate financial support to small businesses at the grassroots level. Over the years, it has played a pivotal role in transforming the entrepreneurial landscape of the country. The report said, "The impact of PMMY on bringing the hitherto entrepreneurially devoid social groups is commendable, instilling a true sense of financial independence... close to half of the approx. 52 crore PMMY accounts belongs to SC/ST and OBC social classes" One of the key takeaways from the report is the remarkable participation of women in the scheme. Approximately 68 per cent of the total PMMY account holders are women entrepreneurs, reflecting the program's effectiveness in empowering women economically. Additionally, around 11 per cent of the beneficiaries belong to minority communities, further strengthening the scheme's impact on financial inclusion. The report also highlighted the substantial growth in financial support for women entrepreneurs under PMMY. Over the past nine years (FY25 compared to FY16), the per-woman loan disbursement amount has grown at a compound annual growth rate (CAGR) of 13 per cent, reaching Rs 62,679. Simultaneously, the incremental deposits by women have increased at a CAGR of 14 per cent, amounting to Rs 95,269. This trend showcases the scheme's success in fostering financial stability and growth among women borrowers. PMMY, implemented through the Micro Units Development and Refinancing Agency (MUDRA), has revolutionized credit accessibility for small and micro-entrepreneurs. By ensuring easy and collateral-free loans, it has provided millions of aspiring business owners with the financial support needed to turn their ideas into successful ventures. The report acknowledges that PMMY has been a transformative force in enabling marginalized communities to step into entrepreneurship, creating a ripple effect of financial independence and economic development.
