The Reserve Bank of India (RBI) has expressed concern over rising bad loans from Pradhan Mantri MUDRA Yojana (PMMY). This scheme was announced by Prime Minister Narendra Modi in April 2015, which offers faster credit, with ticket sizes starting from ₹50,000 and going up to ₹10 lakh, to small businesses.
According to RBI, the percentage of MUDRA loans were at 2.52% in 2017-18, It has now raised to 2.89% in 2018-19. It also says that the number of loans being sanctioned under the scheme has increased greatly.
Static/Current Takeaways Important For RRB NTPC/SSC CGL:
- RBI 25th Governor: Shaktikant Das, Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.
Source: The Hindu