Public research institute Niti Aayog has talked about preparing guidelines for assessing the eligibility of loan takers under the Pradhan Mantri Mudra Yojana (PMMY) and for verification of their background. According to Bhasha’s news, the commission has suggested encouraging e-KYC verification for loan approval in a report titled Assessment of the Impact of PMMY. This will increase the efficiency of evaluation checks.
Most borrowers are small entrepreneurs
According to the news, NITI Aayog said in a report released on its website that there is no guarantee for this loan, so proper risk investigation and assessment plays an important role in the results and success of this scheme. In such a situation, guidelines for loan eligibility and background verification should be listed to provide security to the banks. Most of the borrowers under PMMY are small entrepreneurs who have very limited documents and this makes it difficult for banks to conduct verification checks.
PM Mudra Yojana
According to the official website, government figures (provisional data) say that in the financial year 2024-25, a total of 1,26,38,117 loans were given under the Pradhan Mantri Mudra Yojana (PMMY) till 9 August 2024, with a value of Rs 1,26,409. Loans under Pradhan Mantri Mudra Yojana can be availed from the branch office of a bank, NBFC, MFI etc. www.mudramitra.in But one can apply for Mudra loan online. Under the Mudra scheme, loans are given in ‘Shishu’, ‘Kishore’ and ‘Tarun’ categories.
Provision of loan up to Rs 20 lakh
A big announcement was made in the general budget on 23 July regarding this scheme of the Government of India. The Finance Minister has proposed to increase the maximum limit of Rs 10 lakh under this scheme to Rs 20 lakh. That is, under the Mudra scheme, you can now take a loan of up to Rs 20 lakh. This scheme was started on 8 April 2015.
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