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Finance ministry ties up with 40 entities for extending loans to small entrepreneurs

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Finance Ministry

The finance ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul, which are big job creators, for extending loans to small entrepreneurs under the Mudra scheme.

Financial Services Secretary Rajiv Kumar said that in order to identify people who can be given funds under the Pradhan Mantri Mudra Yojana (PMMY), the ministry will organise an event in Mumbai on Wednesday (23 May) to extend loan under the scheme. He said about 40 companies have been identified as biggest job creators.

These companies will identify people who need loans under Mudra Yojana, underwrite them and we will extend loans under the scheme.

PMMY was launched by Prime Minister Narendra Modi on April 8, 2015, for providing loans of up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.Last fiscal the government has extended Rs 2.53 lakh crore credit under the Mudra Yojana, while Rs 5.73 lakh crore has been extended in last 3 years.

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