Government Doubles Mudra Loan Limit to Rs 20 Lakh Under Pradhan Mantri Mudra Yojana
| Aspect | Details |
|---|---|
| Scheme | Pradhan Mantri Mudra Yojana (PMMY) |
| Announcement Date | July 2024 Budget speech |
| Announced By | Finance Minister Nirmala Sitharaman |
| Key Change | Doubled the Mudra loan limit from Rs 10 lakh to Rs 20 lakh |
| New Category Introduced | 'Tarun Plus' category (up to Rs 20 lakh) |
| Objective | Promote entrepreneurship and support emerging business owners |
| Historical Launch | April 8, 2015 |
| Previous Loan Limit | Rs 10 lakh |
| Existing Loan Categories | Shishu (up to Rs 50,000), Kishore (Rs 50,000-Rs 5 lakh), Tarun (up to Rs 10 lakh) |
| Sanctions in 2023-24 | 66.8 million loans worth Rs 5.4 trillion |
| Approvals Since Inception | Over 487.8 million loans totaling Rs 29.79 trillion |
| NPA in FY24 | 3.4% (down from 4.77% in 2020-21) |
| Guarantee Coverage | Loans up to Rs 20 lakh covered under Credit Guarantee Fund for Micro Units (CGFMU) |