MUDRA Loans Hit Rs 3-Lakh Cr Mark In Q3 FY24, Records 16% YoY Growth

ENA MSME 2024-01-02 15:54:50 New Delhi, Jan 2 (KNN) Loans disbursed under the Pradhan Mantri Mudra Yojana (PMMY) have reached an unprecedented Rs 3-lakh crore in December 2023, reflecting a remarkable 16 per cent year-on-year growth. The loans sanctioned now stand at Rs 2,99,457 crore a week before the end of the third quarter of the current financial year on December 22, 2023 against Rs 2.58-lakh crore in the same period in previous fiscal, a senior official of Mudra told businessline. Provisional figures indicate that this figure surpassed Rs 3-lakh crore by December 29, he added. Government data highlights the crucial role played by women applicants in driving the growth of Mudra loans, with approximately 70 per cent of the loans sanctioned for women entrepreneurs. Notably, 25 per cent of these loans have been allocated to first-time petty entrepreneurs. A recent report from SBI Research underscores positive trends in the disbursal of Tarun and Kishor category loans, featuring higher loan limits to address the 'missing middle problem' in enterprise growth. The portfolio demonstrates a balanced distribution across retail trade, services, and manufacturing. The operational focus includes digitalisation at both pre and post disbursal stages, a senior SBI official added. Economist B Yerram Raju asserts that banks remain insulated from adverse loaning outcomes due to the comprehensive guarantees and system-driven processes associated with Mudra loans. He notes a minimal engagement with entrepreneurs both before and after the disbursement of Mudra loans. (KNN Bureau) 36116 https://knnindia.co.in/news/newsdetails/msme/mudra-loans-hit-rs-3-lakh-cr-mark-in-q3-fy24-records-16-yoy-growth 2024-01-02 15:54:50 knnindia.co.in MUDRA Loans Hit Rs 3-Lakh Cr Mark In Q3 FY24, Records 16% YoY Growth