'MUDRA has created 3.50 crore new entrepreneurs'

'MUDRA has created 3.50 crore new entrepreneurs'

The Pradhan Mantri Mudra Yojana, called in short as MUDRA, has been touted to be one of the biggest employment-generating schemes in India.  Recently Prime Minister Narendra Modi claimed that it has created income opportunities to crores of people.

As per the latest figures, from 2015-16 to 2017-18, as many as 12.27 crore loans were sanctioned under MUDRA.  Out of these, 3.49 crore were new entrepreneurs, says a PIB release.  

"Under the popular scheme, collateral-free loans are extended by Banks, Non-Banking Financial Companies and Micro Finance Institutions to Small/Micro business enterprises and individuals in the non-agricultural sector to enable them to set up or expand their business activities and to generate self-employment," notes an official document.