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Pradhan Mantri Mudra Yojana under the Micro Units Development and Refinance Agency (MUDRA) Bank is a new institution being set up by Government of India for development and refinancing activities relating to micro units. It was announced by the Finance Minister while presenting the Union Budget for FY 2016. The purpose of Mudra is to provide funding to the non corporate small business sector. Loans worth about Rs 1 lakh crore have been sanctioned to small entrepreneurs under the Pradhan Mantri Mudra Yojana, Prime Minister Narendra Modi said, emphasizing that the government wants youth to be job creators and not job seekers.

Objectives

Under the scheme, Pradhaan Mantri Mudra Yojana three categories of interventions have been named which includes:

1.                 Shishu :- Loan up to Rs 50,000/-

2.                 Kishore :- Loan ranging from Rs 50,000/- to Rs 5 lakh 

3.                 Tarun :- Loan above Rs 5 lakh  and below Rs 10 lakh

 

These three categories will signify the growth, development and funding needs of the beneficiaries as well as it will assure the loan amount to be allotted by Micro Units Development and Refinance Agency Bank.

Mudra Yojana is launched keeping in mind various objectives to be fulfilled throughout the implementation of this scheme. The main objectives of PMMY are as follows:-

·            To lay down policy guidelines to finance micro/small enterprises.

·            To get all Micro Finance Institutions and entities registered and regulate the    same.

·            To help small businesses grow and develop their enterprise further.

·            To assist lower income groups in setting up and developing their business.

·            To help set up responsible financial practices in order to prevent over borrowing for lower income entrepreneurs.

·            To help create easy access to finance for the unbanked and also help lower the cost of finance.

·            To give SC/ST preference in lending.

·            To regulate all Micro Finance Institutions dealing with manufacturing, service and trading.

Thus, Mudra will help all small businesses gain easy access to finance and regulate the policy guidelines for the same.

Eligibility for loan under Mudra Yojana

Under the Mudra Yojana, all small businesses and enterprises in need of finance are eligible for a loan.

Loan under Mudra Yojana 

Currently, Mudra is not an individual body or a different bank as such. To get loan under this yojana, various public and private sector banks have been given the responsibility to provide loans under this scheme. One can approach the following institutions or banks to apply for a loan after having prepared a proper business plan:

·         All Scheduled Commercial Banks in public and private    sector.

·         Regional Rural Banks.

·         All Micro Finance Institutions (MFI), small business finance companies and NBFCs.

·         Scheduled urban and state co-operative banks.

These institutions have to pass the eligibility criteria laid down by Mudra yojana and are then eligible to provide loans to suitable candidates as per the common parameters, under the PM Mudra Yojana. When the loan is passed, one will get a MUDRA card, similar to a credit card with limit up to 10% of loan amount to purchase working capital.

Documents required for applying for loan under Mudra Yojana

Following are the documents required to apply for a loan under this scheme:

·         Self attested proof of identity along with the loan applicant’s 2 passport size photographs.

·         Quotation of items and machinery to be purchased.

·         Details of suppliers and machineries as well as other items to be purchased.

·         Identity of ownership of business and business address along with copies of necessary licences and certificates.

·         Proof of category like SC/ST and others if any.

 Benefits of Mudra Yojana

First off, no necessary collateral or loan application fee is required to place an application for loan. Apart from this, another key feature of this scheme is that its interest rate is only 1%. With such key features , easy access, systematic guidelines and low cost of finance, this will indeed help the small businesses and entrepreneurs from lower income groups to develop and grow and increase their social upward mobility and in turn develop the country’s economy as well.

Role of SSB in facilitating people for Pradhan Mantri Mudra Yojana

It is proposed that SSB may work as a facilitator for the scheme in remote border areas and its area of deployment.  Our officers and men regularly interacting with the rural population on the borders and other areas of deployment to conduct a number of Civic Action Programmes for development of micro infrastructure, empowerment of self help group. Skill development, Medical Civic Action and Veterinary Civic Action Programme.

SSB may take Pradhan Mantri Mudra Yojana (PMMY) to the interior areas and aware youths, Small businessmen, vendors, self help groups etc. so that the benefits of PMMY may reach to the needy person/persons.

While working as a facilitator, Guidelines as under may be followed:-

·         The Frontier Hqrs. may direct Commandants and Area Organisers to approach Branch Managers and lead Bank’s officers in the AOR and discuss the modalities for disbursement of loan and other terms/conditions.

·         Respective Branch Managers may be requested to direct their field units for participating in the awareness camps of SSB to educate about the scheme.

·         SSB may provide infrastructure & logistics to conduct the awareness camps.

·         SAOs/COs/Coy Commanders and BOP Commanders be asked to motivate the youths, Small vendors, shopkeepers & others to participate in the said awareness camp.

·         Our officers and men may also be kept well informed about the benefits of the scheme for effective motivational meetings.

CONSOLIDATED STATEMENT OF PMMY AUGUST 2016 TO JULY 2017

 

Name of Frontier

No. of meetings held

No. of Villages involved

No of participants attended meeting

No of women participated

No of participants received loan/

benefitted

Remarks

(if any)

FTR RANIKHET

62

66

1420

338

74

 

FTR SILIGURI

97

97

3177

1370

184

 

FTR PATNA

116

116

5476

1753

122

 

FTR LUCKNOW

105

105

5761

2218

73

 

SHQ BHILAI

2

2

147

46

-

 

FTR GUWAHATI

31

31

4151

1367

362

 

FTR TEZPUR

1

1

12

8

 

 

TOTAL

414

418

20144

7100

815

 

TOTAL 815 PERSONS RECEIVED LOAN/BENEFITTED 



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