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Rs. 1,80,528 cr sanctioned to small traders in FY 2016-17 under MUDRA loan; target was Rs 1,80,000 cr

 New Delhi, July 19 (KNN) In the Financial Year 2016-17 as much as Rs 1,80,528 crore has been sanctioned under Pradhan Mantri Mudra Yojana (PMMY) Scheme to all units which has exceeded the target of Rs 1,80,000 crore.

Loans under PMMY Scheme have been extended by banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to small/micro business enterprises since April 8, 2015 with the objective of ‘Funding the unfunded’ through institutional finance by providing loans upto 10 lakh for manufacturing, processing, trading, services and activities allied to agriculture.

In the FY 2015-16, amount of Rs 1,37,449 crore has been sanctioned as against the target of Rs 1,22,188 crore.

The Ministry of Finance has said that government has been receiving complaints with regard to implementation of PMMY from time to time including difficulties in obtaining loans. These are redressed in coordination with the respective Banks.

“Central Public Grievance Redress and Monitoring System (CPGRAMS) has received 8352 complaints against various banks in respect of the Scheme. Of these, 8194 complaints have been forwarded to respective Banks for redressal,” Santosh Kumar Gangwar, Minister of State for Finance said this in written reply to a question in Rajya Sabha.

The Government has taken various steps towards effective implementation of the scheme. These, inter alia, include intensive publicity campaigns, simplification of application form, Credit Guarantee Scheme, nomination of Mudra Nodal Officer etc.