So far, more than 577.9 million loans have been sanctioned under the scheme, launched in April 2015, amounting to disbursements of ₹40.07 lakh crore, with two-thirds of the loans sanctioned to women entrepreneurs.
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“In sheer magnitude, this translates to 12.15 crore loans with an amount of ₹12 lakh crore extended to new entrepreneurs,” the finance minister said in a statement on completion of 11 years of the scheme. “These were those entrepreneurs who were hitherto excluded from the formal banking system. With this initiative, entrepreneurship has become truly democratised by removing the entry barriers to credit.”
Sitharaman also appreciated banks, various financial institutions and stakeholders for bringing the scheme to the common man and making it a resounding success.
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Under PMMY, collateral-free loans of ₹50,000 to ₹20 lakh are provided to non-agricultural, non-corporate MSME entrepreneurs to help them become self-reliant.
A finance ministry statement said that for women borrowers, Rs 9.02 lakh crore was disbursed under the Shishu category, Rs 6.22 lakh crore under Kishor and Rs 1.09 lakh crore under the Tarun category.