Finmin ties up with 40 entities to extend loans under PMMY
Published: May 22, 2018
By TIOLCORPLAWS News Service
NEW DELHI, MAY 22, 2018: The finance ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul, which are big job creators, for extending loans to small entrepreneurs under the Mudra scheme.
In order to identify people who could be given funds under the Pradhan Mantri Mudra Yojana (PMMY), the ministry would on May 23 organise an event in Mumbai to extend loan under the scheme.
Financial Services Secretary Mr Rajiv Kumar said that people who need money under the Mudra scheme approach the banks, but with the initiative, the financial services department is trying to reach out to those who need loans for their businesses but have not approached the banks.
The companies which have tied up with the financial services department includes Make My Trip, Zomato, Meru Cab, Muthoot, Edelweiss, Amazon, Ola, Amazon, Big Basket, Carz on Rent and Habib Salon.
Last fiscal, the Govt had extended Rs 2.53 lakh crore credit under the Mudra Yojana, while Rs 5.73 lakh crore had been extended in last 3 years.
PMMY was launched by PM Modi on April 8, 2015, for providing loans of up to Rs 10 lakh to the non-corporate, non-farm small or micro enterprises.
The focus of the Seminar in Mumbai would be creating job opportunities and instilling the sense of entrepreneurship, to facilitate people to become job creators in place of job seekers.
Further, discussions would also be held to formulate a MUDRA scheme to consider extending finance to retail franchisee or transport solutions of entities like Flipkart, Amazon, Uber, Ola, OYO, Amul, Patanjali and Zomata requiring loans up to Rs 10 lakh under the Yojana.
