Rs 35.38 crore under Mudra Yojana distributed at mega camp

Loans worth Rs 35.38 crore have been sanctioned to 6,480 beneficiaries, at a mega loan camp held under Pradhan Mantri Mudra Yojana (PMMY) here.

The loan camp was organized jointly by 37 banks in the district on Monday. Collector Archana Patnaik handed over sanction orders and debit cards to the beneficiaries, an official release said today.

"The scheme is essential for the small and micro sector industries, which requires small amount of investment.The bank administrations have to organize awareness programs on the Mudra Loan scheme to reach the benefits to more number of people," Archana said.

Deputy General Manager (Business and Operations), State Bank of India, Coimbatore, R S Ramesh said that the centre has set a target of distributing Rs 1.22 lakh crore under the scheme across the country.

Mudra Bank provides loans under three categories of Sishu, Kishor and Tarun with the objective of providing funding to the non corporate small business sector. Loans of upto Rs 50,000 would be provided under Shishu, from Rs 50,000 to Rs Five lakh under Kishor and loan cover up to Rs 10 lakh under Tarun, he said.

Stating that there was slack growth in non-corporate sector due to unavailability of loans, S Krishnan, General Manager, Canara Bank said the Mudra scheme would boost the growth of the small sector by providing loans.