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Union Finance Ministry ties up with 40 companies to extend loans under MUDRA scheme

The Union Finance Ministry has announced that it has tied up with 40 entities for extending loans to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY).
  • These companies include Flipkart, Swiggy, Patanjali, Amul etc. They will identify people who need loans under Mudra Yojana, underwrite them and then the Finance Ministry will extend loans under the scheme.
  • In order to identify people who can be given funds under the Pradhan Mantri Mudra Yojana (PMMY), the ministry will organize an event in Mumbai on May 23, 2018 to extend loan under the scheme.
  • The aim of the Seminar in Mumbai would be creating job opportunities and instilling the sense of entrepreneurship, to facilitate people to become job creators in place of job seekers.
  • The companies, which have tied up with the financial services department for this, include Make My Trip, Zomato, Meru Cab, Muthoot, Edelweiss, Amazon, Ola, Amazon, Big Basket, Carz on Rent and Habib Salon etc.
  • PMMY was launched by Prime Minister Narendra Modi on April 8, 2015, for providing loans of up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.
  • Last fiscal the government has extended Rs 2.53 lakh crore credit under the Mudra Yojana, while Rs 5.73 lakh crore has been extended in last 3 years.
Union Finance Ministry ties up with 40 companies to extend loans under MUDRA scheme Union Finance Ministry ties up with 40 companies to extend loans under MUDRA scheme Reviewed by Aman Bhatia on May 23, 2018 Rating: 5

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