Over Rs 93,600 crore sanctioned under MUDRA Yojana: Jayant Sinha

More than Rs 93,600 crore has been sanctioned under Pradhan Mantri MUDRA Yojana to about 2.26 crore borrowers, Minister of State for Finance Jayant Sinha said on Tuesday.

"2.26 crore loans worth Rs 93,650 crore sanctioned under PM Mudra Yojana. Rs 89,594 crore have already been disbursed. Big boost to small businesses," he tweeted.

Under Pradhan Mantri MUDRA Yojana (PMMY), loans between Rs 50,000 and Rs 10 lakh are provided to small entrepreneurs.

The Micro Units Development and Refinance Agency Ltd (MUDRA) focuses on the 5.75 crore self-employed who use funds totalling Rs 11 lakh crore and provides jobs to 12 crore people.

The scheme was launched by Prime Minister Narendra Modi in April last year.

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.

Shishu covers loans of 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.

The banking sector has been allocated an overall disbursement target of about Rs 1.22 lakh crore during 2015-16 for MUDRA loans.