Pradhan Mantri Mudra Yojana Overview

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Questions and Answers

What is the primary purpose of the Pradhan Mantri Mudra Yojana?

To fund educational initiatives

To offer microfinance to non-corporate, non-farm small/micro enterprises (correct)

To support large industries with subsidies

To provide affordable housing loans

What does 'MUDRA' stand for in Pradhan Mantri Mudra Yojana?

Micro Units Development and Refinance Agency (correct)

Micro User Development and Refinancing Arrangement

Money Utilization for Development of Rural Areas

Money Units Development and Regulatory Agency

Which organization is responsible for implementing the Pradhan Mantri Mudra Yojana?

Reserve Bank of India

Small Industries Development Bank of India (SIDBI) (correct)

Ministry of Finance, India

National Bank for Agriculture and Rural Development (NABARD)

Under PMMY, loans are categorized into how many types based on the loan amount?

Three Signup and view all the answers

What is the maximum loan amount available under the 'Shishu' category of PMMY?

INR 50,000 Signup and view all the answers

What is the maximum loan amount under the 'Kishor' category in PMMY?

INR 5,00,000 Signup and view all the answers

Which category in PMMY provides the highest loan amount, up to INR 10,00,000?

Tarun Signup and view all the answers

What type of collateral is required for loans under PMMY?

No collateral required Signup and view all the answers

Who is eligible to apply for a loan under PMMY?

Any Indian citizen who runs a small business Signup and view all the answers

What sector does PMMY primarily target to extend its loans?

Small and micro enterprises Signup and view all the answers

Since its inception, how many beneficiaries have been estimated to receive loans under PMMY?

More than 30 million Signup and view all the answers

Which year was the Pradhan Mantri Mudra Yojana launched?

2015 Signup and view all the answers

What was the original funding source for PMMY when it was launched?

Government of India Signup and view all the answers

Which ministry oversees the Pradhan Mantri Mudra Yojana?

Ministry of Finance Signup and view all the answers

How can one apply for a loan under PMMY?

By visiting designated public sector banks, private banks, and microfinance institutions Signup and view all the answers

Which financial institutions are NOT involved in disbursing Mudra loans?

Insurance Companies Signup and view all the answers

What was a key achievement of PMMY reported in recent fiscal years?

Over 90% of beneficiaries being women Signup and view all the answers

Which new feature was recently added to enhance the accessibility of PMMY?

Mobile application for real-time tracking of loan status Signup and view all the answers

What is a significant impact of PMMY on the Indian economy?

Boost in the number of small and micro enterprises Signup and view all the answers

What challenge does PMMY face in achieving its goals?

Lack of awareness among potential beneficiaries Signup and view all the answers

Study Notes

Pradhan Mantri Mudra Yojana (PMMY)

Purpose: Provides microfinance to non-corporate, non-farm small and micro enterprises.
MUDRA: Stands for Micro Units Development and Refinance Agency.
Implementing Organization: Small Industries Development Bank of India (SIDBI).
Loan Categories:
- Shishu: Up to INR 50,000
- Kishor: Up to INR 5,00,000
- Tarun: Up to INR 10,00,000
Collateral: No collateral required.
Eligibility: Any Indian citizen running a small business.
Target Sector: Small and micro enterprises.
Beneficiaries: Over 30 million estimated beneficiaries since its inception.
Launch Year: 2015
Funding Source: Government of India.
Overseeing Ministry: Ministry of Finance.
Application Process: Through designated public sector banks, private banks, and microfinance institutions.
Financial Institutions Involved: Commercial banks, Regional Rural Banks, and Cooperative Banks.
Key Achievements: Over 90% of beneficiaries are women.
Recent Enhancement: Mobile application for real-time tracking of loan status.
Impact on Economy: Boost in the number of small and micro enterprises.
Challenge: Lack of awareness among potential beneficiaries.

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Description

This quiz explores the Pradhan Mantri Mudra Yojana (PMMY), a government initiative to provide microfinance to small businesses in India. It covers key aspects such as loan categories, eligibility, and the funding process. Test your knowledge on this important scheme aimed at uplifting micro and small enterprises.