Pradhan Mantri Mudra yojana (PMMY) is a scheme launched by Prime Minister Narendra Modi on April 8,2015 for providing loans up to 10 lakh to the non-corporate, non- farm small/micro enterprises.These loans are classified as MUDRA loans under PMMY. It enables to borrow from banks, MFIs, NBFCs without collaterals. The age limit for applicant to avail loan is 18-65 years. No cibil score is needed for this loan as it has launched to help people start a new business or grow an existing business. Repayment tenure is 1 to 7 years. Over all loan process should be of maximum 10 days.
The finance ministry said the scheme has helped generate more than one crore jobs since launch. As per some bankers as people in huge number comes without any business plan, such loans are bound to fail.
But reports are there regarding increased number of NPA account holders. Surprisingly RBI has not data of NPA accounts revealed from a RTI filed.
But here is the fact about NPA accounts and actual failure of this scheme. As per sources the available corrupt bank officials used to refuse for approve mudra loan and the needy returns empty hand. But maximum number of loans sanctioned under the scheme are given to habitual diffuleters through un official agents by taking bribe.
If the people have to get the real benefit of the scheme strong vigilance is needed to check the corrupt bank officials and to check the applicants approval position.
