Mudra loans: Around 87% of the loan amount was sanctioned in first quarter of FY22

Pradhan Mantri Mudra Yojana (PMMY), the scheme PM Modi launched in 2015, lays emphasis on Entrepreneurship and self-employment. Under this scheme around 87 percent of the total loan amount that was sanctioned in the first three months of the financial year (FY) 2021-22 has been disbursed. In the period from April 1 to July 9 of 2021a total of 76,69,969 applications were received involving Rs.44225.74 crores of loan amount. Out of this, a sum of Rs 38668.03 crores has been disbursed in the period from April 1 to July 9.  Mukesh Mohan Gupta, President of Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) told Financial Express Online that lthough people were skeptical in starting new business during the lockdown period, yet a considerable amount of loans were sanctioned to Micro Entrepreneurs.

Updated Date: 16-07-2021

Fraud in the name of PMMY

This is a real story of how a man of Mumbai, was duped of Rs.55,000 when he fell prey to a cyber fraudster. On 15th of March, a person called Priya Mishra rang Pramod Jadhav.  She told him that her department (PMMY) has started a loan distribution scheme between Rs.50,000 to Rs. 20,00,000 exclusively for women. Initially, Priya asked Pramod to pay Rs.1000 as processing fees for the loan and he was also asked to submit the Aadhar Card and Pan Card of his wife which he did. The very next day Priya asked him to pay the insurance charges of Rs.18,150 and then demanded Rs. 36,200 as loan approval fees.

Jadhav was then asked to pay 6% of the loan amount as GST that was equal to Rs. 1.2 lakh. At that point Pramod refused to pay more money and asked her to take that money from the loan amount. When Priya denied, Pramod demanded his money back from her.  Since then she stopped talking to him. Sensing something fishy Jadhav wrote to the Prime Minister’s office. A few days later they clarified that it was a fraud. Jadhav then lodged a complaint in the Agripada police station.

Updated Date: 27-06-2021