Banks Need To Lend Rs 1 Lakh Crore To Meet Mudra Target For FY19
With less than one month left in the current financial year, banks will have to work overtime to meet the Mudra loan lending target of Rs 3 lakh crore, as only about Rs 2 lakh crore has been disbursed till Feb. 22.
The total loan disbursed under the Micro Units Development and Refinance Agency Ltd. scheme stood at Rs 2,02,668.9 crore as against the sanctioned amount of Rs 2,10,759.51 crore, according to government data.
The latest data of the finance ministry said over 3.89 crore Mudra loans have been sanctioned so far in this financial year.
As per the Budget 2018-19, the government intends to disburse loans of up to Rs 3 lakh crore in the current financial year ending March 31.
In 2017-18, the lending at Rs 2,46,437.40 crore had exceeded the target. In fact, lending under the scheme exceeded targets in every year.
The scheme was launched on April 8, 2015 for providing loans up to Rs 10 lakh to the non-corporate, non-farm small and micro enterprises.
While presenting the Union Budget 2019-20, the Finance Minister said the government has sanctioned 15.56 crore loans amounting Rs 7.23 lakh crore under the Mudra scheme, of which an overwhelming majority were woman beneficiaries.
Loans under Mudra scheme are categorised into three—Shishu covers loans up to Rs 50,000, while Kishore covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.