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Centre sanctions Rs 1.80 lakh crore to banks under PMMY

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Loans extended to the banks under the Pradhan Mantri Mudra Yojana (PMMY) during 2016-17 have crossed the target of Rs 1,80,000 crore for 2016-17.

Sanctions amount currently stand at Rs 1,80,087 crore with final data still awaited from some of the smaller non-banking lenders, the Financial Express.

Of the total allocated amount, Rs 1,23,000 crore was lent by banks while non-banking institutions lent about Rs 57,000 crore.

The PMMY data indicate that loans were provided to about four crore borrowers of which over 70 per cent were women.

“The robust growth in bank loans to unfunded and underfunded segments is an indication of the emergence of this category of borrowers as a key driver of demand for credit,” it added.

The Union Budget has announced a lending target of Rs 2.44 lakh crore under Mudra scheme for 2017-18.

Mudra Loans are made available for non-agricultural activities up to Rs 10 lakh. These also include activities like dairy, poultry, bee keeping etc, are also covered.

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