Old target surpassed, govt raises Mudra loan target to Rs 1.8 lakh cr

Santosh Gangwar informed that 79% of women are taking loans from Mudra Bank

The government target of giving loans to the tune of Rs 1.22 lakh crore through Mudra Bank has been surpassed and a new target of Rs 1.8 lakh crore has been set for the current financial year, the Rajya Sabha was informed on Tuesday.

Replying to questions, the Minister of State for Finance Santosh Gangwar said the government had set a target of Rs 1.22 lakh crore worth loans to youth but has instead provided loans worth over Rs 1.37 lakh crore during the year 2015-16.

He said now a new target of Rs 1.8 lakh crore has been set for the current financial year.

"I am happy to inform you that 79 per cent of women are taking loans from Mudra Bank under this scheme," he said.

To a question on whether any action is being initiated against such banks which have not accomplished their targets set for the year, the Minister said, "We are taking corrective steps."

A member said banks are including loans under other schemes in Mudra scheme.

Responding to it, Gangwar said, "If there are any complaints, we will look into them."

He asked members to share such concerns with the Ministry.

Earlier in the written reply, the Finance Minister Arun Jaitley said, "Under the Pradhan Mantri Mudra Yojna (PMMY), Rs 1,37,449.27 crore have been sanctioned to 3.48 crore borrowers across all age group by banks and micro finance institutions (MFIs) during 2015-16."

He said Rs 5,484.95 crore have been sanctioned as loans under the PMMY to 11,59,819 borrowers in Rajasthan during 2015-16.