Over 34.42 cr beneficiaries get `18.60 lakh crore loan

New Delhi: More than 34.42 crore beneficiaries have received Rs 18.60 lakh crore loan under the Pradhan Mantri Mudra Yojana (PMMY) since its launch seven years ago, the Finance Ministry said on Friday.

The PMMY was launched by Prime Minister Narendra Modi on April 8, 2015, for providing loans up to Rs 10 lakh to the non-corporate and non-farm small/micro-enterprises.

"It is noteworthy that more than 34.42 crore loan accounts amounting to Rs 18.60 lakh crore have been opened under the Scheme for the creation of income-generating activities," Finance Minister Nirmala Sitharman said on the seventh anniversary of the scheme.

The scheme has helped in creating an enabling environment, particularly for small businesses and generate large-scale employment opportunities at the grassroots level, she said.

More than 68 per cent of the loan accounts have been sanctioned to women and 22 per cent of the loans have been given to new entrepreneurs who had not availed any loan since the inception of the scheme, the minister added.