Since its launch, the Pradhan Mantri MUDRA Yojana (PMMY) has sanctioned 53.85 crore loans worth over ₹35.13 lakh crore. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha of this development on Monday.
The PMMY offers collateral-free loans of up to ₹20 lakh. It targets micro and small enterprises, promoting self-employment and income generation.
The government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014. It aimed to bank the unbanked population by opening basic savings accounts.
These accounts include RuPay debit cards and an in-built overdraft facility. As of now, 55.90 crore accounts have been opened under PMJDY.
Chaudhary highlighted the government’s steps to expand financial inclusion and ensure widespread access to banking and credit.
Schemes like Stand-Up India, PM SVANidhi, PM Vishwakarma, and PMEGP support SC/STs, women entrepreneurs, artisans, and street vendors with targeted credit.
To improve credit assessment for those lacking formal credit history, the government has turned to technology and alternative data.
A new Grameen Credit Score has been introduced. It helps in appraising Self-Help Group borrowers and rural populations, including farmers and marginalised communities.
Chaudhary also said public sector banks now use a new MSME Digital Credit Assessment Framework. It pulls data from IT returns, GST filings, and utility bills to speed up and refine loan evaluations.
The Jan Samarth Portal serves as a digital link between credit seekers and eligible government schemes. It boosts transparency, shortens processing times, and widens reach.
To push credit towards underserved areas, the Reserve Bank of India mandates Priority Sector Lending (PSL) targets. These targets cover agriculture, micro and small businesses, and weaker sections.
The government remains focused on enhancing financial inclusion through tech, policy, and targeted schemes.
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