Banks likely to disburse Rs 1.8 lakh cr under MUDRA in FY17
Banks are expected to disburse Rs 1.80 lakh crore as loan under Micro Units Development and Refinance Agency Yojna during the current fiscal, MUDRA CEO Jiji Mammen said on Tuesday.
Hyderabad: Banks are expected to disburse Rs 1.80 lakh crore as loan under Micro Units Development and Refinance Agency Yojna during the current fiscal, MUDRA CEO Jiji Mammen said on Tuesday.
"We started our operation from April 2015. The total target for the year 2015-16 was Rs 1.22 lakh crore, against which by the end of the year Rs 1.33 lakh crore was disbursed by all the banks and MFIs. It exceeded the target.
"In 2016-17, the government has set a target of Rs 1.80 lakh crore to be disbursed under the MUDRA. So far during the first quarter, the banks have disbursed Rs 25,000 crore," Mammen told reporters here.
He said of the total loans disbursed, banks contributed Rs 87,000 crore while MFIs' contribution was Rs 46,000 crore.
Under the Pradhan Mantri Mudra Yojana (PMMY), loans ranging from Rs 50,000 to Rs 10 lakh are provided to small entrepreneurs.
As of now, three products available under the PMMY are Shishu, Kishor and Tarun, to signify the stage of growth and funding needs of the beneficiary micro-unit or entrepreneur.
According to him, around 80 percent of the loan was disbursed to women and 36 per cent of the entities financed were new entities.
Replying to a query, he said the MUDRA is in the process of coming up with a user?friendly website for entrepreneurs seeking loans.
"We are also planning to bring in enterprises allied to agricultural activity such as dairy and food processing under Mudra Yojna," he said.