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Poor not responsible for high NPAs, big people are: Venkaiah Naidu

Govt has provided loans to over 7 crore poor and self-employed under the Mudra scheme

Press Trust of India  |  New Delhi 

Venkaiah Naidu
Union Minister for Urban Development M Venkaiah Naidu

Attributing the rise in bad loans to rich corporates, Urban Development Minister M today said people have track record of highest repayment and banks need to focus on underprivileged.

"The outlook of banks is also changing. It has to change further. We should not think of Allayas and to give loans. We should think about Pollyas in villages and towns to give loans," he said.

"The self help groups, the women in rural areas, the repayment is 98-99 per cent. are not because of people, are because of big big people," he said.

The objective of various government policies is to tackle black money, stop and avoid corruption and ensure the reaches the needy.

Citing example, he said Mudra is a step in that direction.

The government has been able to provide loans to over 7 crore poor and self employed under the Mudra scheme.

About 7.45 crore entrepreneurs have been given bank loans under the Pradhan Mantri Mudra Yojana as part of the government's effort to fund the unfunded.

Under the Mudra Yojana, a of up to Rs 50,000 is given under the Shishu plan, between Rs 50,000 to Rs 5 lakh under Kishore, and between Rs 5 lakh to Rs 10 lakh under Tarun.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 11 2017. 01:25 IST