Pradhan Mantri MUDRA Yojana is aimed at

[amp_mcq option1=”bringing the small entrepreneurs into formal financial system” option2=”providing loans to poor farmers for cultivating particular crops” option3=”providing pensions to old and destitute persons” option4=”funding the voluntary organizations involved in the promotion of skill development and employment generation” correct=”option1″]

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UPSC IAS – 2016

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Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Government of India to provide loans up to ₹10 Lakh to non-corporate, non-farm small/micro enterprises. It aims to fund the ‘unfunded’ segment of the economy, which includes small manufacturers, shopkeepers, fruits/vegetable vendors, truck operators, etc., thereby bringing them into the formal financial system.

MUDRA (Micro Units Development and Refinance Agency) is a scheme providing access to formal financial credit for micro and small enterprises.

Under MUDRA Yojana, loans are given in three categories: ‘Shishu’ (up to ₹50,000), ‘Kishore’ (₹50,001 to ₹5,00,000), and ‘Tarun’ (₹5,00,001 to ₹10,00,000). The scheme aims to promote entrepreneurship and generate employment by facilitating credit flow to micro-enterprises.

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