Over 11 Lakh people received Rs 11,000 crore in loans under PM Mudra Yojana until June 2024

Lucknow : The Pradhan Mantri Mudra Yojana is benefitting a large number of people in Uttar Pradesh significantly, owing to Yogi government’s efforts to ensure that the central government’s schemes reach every eligible citizen in the state. By June 2024, in the financial year 2024-25, over 11 lakh people have received loans totalling approximately Rs 11,000 crores. These loans have been provided through various banks and non-banking financial companies (NBFCs) operating in the state.

To maximize the scheme’s impact, the Yogi government is actively coordinating with banks and conducting regular reviews to ensure that loans are easily accessible to every eligible person.

Notably, the Modi government launched the Pradhan Mantri Mudra Yojana to foster entrepreneurship across the country. By prioritizing the scheme’s implementation, the Yogi government has enabled financial support for setting up or expanding enterprises in Uttar Pradesh.

The State Level Bankers Committee (SLBC UP) recently presented a progress report on the Pradhan Mantri Mudra Yojana during a meeting with Chief Secretary Manoj Kumar Singh.

The report revealed that, as of June 30, 2024, a total of Rs 10,996 crores in loans had been distributed to 11.63 lakh account holders across Uttar Pradesh in the financial year 2024-25. Banks disbursed Rs 9,039 crores to 7.10 lakh account holders, while non-banking financial companies (NBFCs) provided Rs 1,957 crores to 4.53 lakh account holders.

The SLBC serves as a key forum for coordination between the central and state governments. Through quarterly meetings, the progress of various development programs is reviewed, and strategies are formulated to meet the established targets.

In Uttar Pradesh, the forum is organized by the Bank of Baroda, which noted that the state’s progress under the Pradhan Mantri Mudra Yojana is commendable.

The report also highlighted the achievements of the previous financial years, 2022-23 and 2023-24. In 2022-23, loans totalling Rs 47,427 crores were disbursed to over 68 lakh people by banks and NBFCs. Banks provided Rs 39,861 crores to 48.97 lakh account holders, while NBFCs distributed Rs 7,566 crores to 19.11 lakh account holders.

Similarly, in 2023-24, loans amounting to Rs 58,522 crores were given to 76.76 lakh people of which banks disbursed Rs 41,490 crores to 41.57 lakh account holders, and NBFCs Rs 17,032 crores to 35.19 lakh account holders. The steady increase in both the number of beneficiaries and the loan amounts each year reflects the growing impact of the scheme.