Rs 11,000 crore loans for 11 lakh people: How PM Mudra Yojana is transforming lives in Uttar Pradesh

Lucknow: The Pradhan Mantri Mudra Yojana is benefitting a large chunk of people in Uttar Pradesh, as more than 11 lakh residents have received loans to the tune of Rs 11,000 crore in the financial year 2024-25 alone.

The penetration of the Central government scheme has been made possible with the Yogi government’s focus on facilitating its benefits to every eligible citizen in the state. These loans have been provided to the residents of the state through various banks and non-banking financial companies (NBFCs).

The disclosures about the scheme’s penetration came from a recent progress report, presented by the State Level Bankers Committee (SLBC UP), during a meeting with Chief Secretary Manoj Kumar Singh.

The report revealed that, as of June 30, 2024, a total of Rs 10,996 crore in loans had been distributed to 11.63 lakh account holders across Uttar Pradesh in the financial year 2024-25. Banks disbursed Rs 9,039 crore to 7.10 lakh account holders, while NBFCs provided Rs 1,957 crore to 4.53 lakh account holders.

The SLBC serves as a key forum for coordination between the Central and state governments. Through quarterly meetings, the progress of various development programmes is reviewed, and strategies are formulated to meet the established targets.

In Uttar Pradesh, the forum is organised by the Bank of Baroda, which noted that the state’s progress under the Pradhan Mantri Mudra Yojana is commendable.

Notably, Pradhan Mantri Mudra Yojana is one of the flagship schemes of the Modi government to foster entrepreneurship across the country. By prioritising the scheme’s implementation, the Yogi government has enabled financial support for setting up and expanding the existing enterprises in Uttar Pradesh.

The Yogi government has been actively coordinating with banks and conducting regular reviews to ensure that loans are easily accessible to every eligible person.

The report also highlighted the achievements of the previous financial years, 2022-23 and 2023-24. In 2022-23, loans totalling Rs 47,427 crore were disbursed to over 68 lakh people by banks and NBFCs. Banks provided Rs 39,861 crore to 48.97 lakh account holders, while NBFCs distributed Rs 7,566 crore to 19.11 lakh account holders.

Similarly, in 2023-24, loans amounting to Rs 58,522 crore were given to 76.76 lakh people of which banks disbursed Rs 41,490 crore to 41.57 lakh account holders and NBFCs Rs 17,032 crore to 35.19 lakh account holders. The steady increase in both the number of beneficiaries and the loan amounts each year reflects the growing impact of the scheme.

–IANS