PMMY Update: The Pradhan Mantri Mudra Yojana (PMMY) launched by PM Modi has proven to be a major support for small entrepreneurs and self-employed individuals in the country. Minister of State for Finance Pankaj Chaudhary informed that loans worth over ₹34 lakh crore have been sanctioned to 55 crore beneficiaries under this scheme so far. Significantly, all these loans did not require any guarantee. Small shopkeepers, young self-employed individuals, and women entrepreneurs have benefited the most from this scheme.
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Increased Limit of Mudra Yojana
Launched in April 2015, this scheme aimed to provide hassle-free access to finance to the underprivileged, small businesses, and youth. Initially, the maximum loan amount under this scheme was ₹10 lakh, but in the Union Budget 2024-25, this limit has been increased to ₹20 lakh. This is expected to provide new impetus to the growth of small and medium-sized enterprises.
Minister’s statement on the campaign
Pankaj Chaudhary, speaking at a camp organised by Punjab National Bank, stated that the government has taken several steps to ensure that people’s dormant or unclaimed assets reach their rightful owners. In this regard, the maximum number of nominees per bank account has been increased to four to facilitate beneficiaries during a claim. He stated that efforts are ongoing and the government is working to further improve this process.
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Finance Ministry’s Nationwide Awareness Campaign
On October 4th, Finance Minister Nirmala Sitharaman launched a three-month nationwide awareness campaign titled “Your Capital, Your Rights.” The campaign aims to educate people about their unclaimed assets, fixed deposits, shares, insurance, and other financial assets, and to help them get their money back.