In Financial Year (FY) 2022-23, the Pradhan Mantri MUDRA Yojana (PMMY) has achieved a significant milestone by sanctioning over 6.23 crore loans. The Union Minister for State for Finance, Dr. Bhagwat Kisanrao Karad, shared this information in a written reply during a Lok Sabha session. The PMMY aims to facilitate access to institutional finance for new and existing micro units or enterprises, offering loans of up to 10 lakh rupees.
Objective of Pradhan Mantri MUDRA Yojana (PMMY):
The primary goal of the PMMY is to provide financial support to micro-businesses and entrepreneurs who may not have access to formal credit channels. By offering loans up to 10 lakh rupees, the scheme aims to boost entrepreneurship, generate employment, and foster economic growth at the grassroots level.
Loan Sanctions in FY 2022-23:
During the financial year 2022-23, the PMMY witnessed a substantial surge in loan sanctions, surpassing the 6.23 crore mark. This indicates a strong demand for credit among micro-enterprises and highlights the success of the scheme in empowering small businesses.
Complaint Redressal Mechanism:
The government is committed to ensuring the smooth implementation of the PMMY and has set up a robust complaint redressal mechanism. Any complaints related to the scheme’s execution are promptly addressed in consultation with the respective banks.
Centralised Public Grievance Redress and Monitoring System:
The Centralised Public Grievance Redress and Monitoring System plays a crucial role in addressing complaints related to the PMMY. Any grievances received through this system are efficiently handled, and appropriate actions are taken to resolve them.
Timely Redressal of Complaints:
To maintain efficiency and accountability, complaints received through the Centralised Public Grievance Redress and Monitoring System are addressed within the prescribed timeline. This ensures that borrowers and beneficiaries do not face unnecessary delays in grievance resolution.
Collaboration with Banks:
The government actively collaborates with the respective banks involved in the implementation of the PMMY to address and resolve any issues that arise. This partnership ensures that the benefits of the scheme reach the intended beneficiaries without hindrance.