Last year, 3.5 crore beneficiaries availed Rs 1.22 lakh crore loans under PMMY, the minister said while addressing media persons at a financial literacy camp. He added that the scheme would be improved this year.
Major improvements are also in the offing for Micro Units Development and Refinance Agency Ltd (Mudra) Yojana including providing of technical support and hand-holding borrowers for setting up business, he said.
Besides, loan origination system would be put in place for proper monitoring of the loans, he said.
Under PMMY, loans ranging from Rs 50,000 to Rs 10 lakh are provided to small entrepreneurs. As of now, three products available under the PMMY are Shishu, Kishor and Tarun, to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.
According to sources, Shishu covers loans up to Rs 50,000 while Kishor covers those above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.