PM Mudra Yojana: Loans Worth Rs 33.6 Lakh Crore Disbursed
More than Rs 33.65 lakh crore have already been sanctioned under the scheme, Department of Financial Services Secretary M Nagaraju said.
The government has disbursed over 52.3 crore loans worth Rs 32.9 lakh crore under the PM Mudra Yojna, mostly to women and lower-caste entrepreneurs, according to Department of Financial Services Secretary M Nagaraju.
More than Rs 33.65 lakh crore have already been sanctioned under the scheme, he added.
Describing the borrowers' demographics, about 20% of the loans were given to new entrepreneurs, 68% have been granted to women and 50% to SC/ST/OBC borrowers.
The non-performing asset ratio for such loans is currently at 3.6% for public sector banks, while the gross NPA is at 2.2%.
"Before the launch of the scheme, many small businesses struggled to access formal credit and were often forced to borrow from moneylenders charging exorbitant interest rates," Nagaraju added.
The target for the next fiscal is to disburse another Rs 5-6 lakh crore, he said.
