Mudra Banks to disburse Rs 1,80,000 cr in loans in 2016-17

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SME Times News Bureau | 23 Jun, 2016
Minister of State for Finance Jayant Sinha said here on Wednesday that the government aims to disburse loans worth Rs 1,80,000 crore to small businesses through Mudra Banks in the current fiscal.

"Last year Pradhan Mantri Mudra Yojana gave loans worth Rs 1,20,000 crore. This year the aim is to give loans worth Rs 1,80,000 crore," Sinha said at the inauguration of a financial literacy camp.

In a bid to boost the Mudra Yojana, facilitation centres will be providing assistance to new entrepreneurs, he said.

As many as 3.5 crore people have been benefited by the Mudra Yojana so far, Sinha added.

A portal and mobile app for a loan origination system is in the pipeline to monitor the entire process and time taken for disbursal of the loan, he said.

Creation of Jan Dhan accounts, the financial inclusion scheme of the government, has enabled people get the benefits of a number of schemes directly into their accounts, he added.

"Mahatma Gandhi National Rural Employment Guarantee Act, Suraksha Bima Yojana, Atal Pension Yojana -- the beneficiaries of all schemes now are paid directly into their Jan Dhan accounts," he said.

Moreover, every below poverty line (BPL) family will soon get Rs 1 lakh insurance on a very low premium.

"It will be a cashless, all digital scheme," he said.

Taking about government's flagship programme 'Make in India', he said the scheme has attracted foreign investment making India the leading FDI (foreign direct investment) destination in the world.