Pradhan Mantri MUDRA Yojana Sanctions Over 6.23 Crore Loans in FY 2022-23

In a significant achievement during the Financial Year (FY) 2022-23, the Pradhan Mantri MUDRA Yojana (PMMY) has surpassed the milestone of sanctioning over 6.23 crore loans. As revealed by Dr. Bhagwat Kisanrao Karad, the Union Minister for State for Finance, in a written reply during a Lok Sabha session, the PMMY has played a crucial role in providing financial support to micro-businesses and entrepreneurs who often face challenges in accessing formal credit channels. With loans of up to 10 lakh rupees offered under the scheme, it aims to foster entrepreneurship, boost employment opportunities, and promote economic growth at the grassroots level.

The primary goal of the PMMY is to empower small businesses and catalyze their growth by providing them with access to institutional finance. The surge in loan sanctions during FY 2022-23, crossing the 6.23 crore mark, demonstrates the scheme’s success in fulfilling its objectives and meeting the credit needs of micro-enterprises.

The government remains committed to ensuring the smooth implementation of the PMMY and has taken steps to establish an efficient complaint redressal mechanism. To address any grievances related to the scheme’s execution, the Centralised Public Grievance Redress and Monitoring System plays a crucial role. Complaints received through this system are promptly handled, and necessary actions are taken to resolve them, ensuring borrowers and beneficiaries do not face unnecessary delays in grievance resolution.

The collaborative effort between the government and the respective banks involved in the implementation of the PMMY is essential to its success. This partnership ensures that the benefits of the scheme are efficiently delivered to the intended beneficiaries, fostering the growth and prosperity of micro-businesses and entrepreneurs across the nation.