NBFC Currency Loans Grow Faster

Context

  • According to the Annual Prime Minister’s Currency Planning (PMMY) report of 2017-18, non-banking finance corporations (NBFCs) have sanctioned only `27,000 crore under the ‘Money Scheme’ in the financial year 2018, yet their annual growth rate in this case It is faster than public sector banks.
  • It is known that in the monetary policy on behalf of the banks, ₹ 92,492.68 were distributed during this period.
  • In comparison to the previous year, the amount of loans issued by non-banking finance corporations increased by 21,562.63 crore. On the other hand, the amount of loan given by public banks increased only ₹ 20,539.01 crore in that period.
  • The address of most addresses is that non-banking finance corporations not only received their currency target (₹ 9,050 crore) of financial year 2018 but they sanctioned five times more loan than the previous financial year.

Pradhan Mantri Mudra Yojana

  • It started in April, 2015. The objective of this scheme is to provide collateral free loans to small creditors.
  • The capital provided by the government for this scheme is Rs. 20,000 crore. is.
  • Under this, small businessmen will get Rs 50,000 From Rs 10 lakh The loan is given up to.
  • Rs 10 lakh for non-agricultural activities The currency loan is given up to These activities are: milk production, poultry, bee keeping etc.
  • A unique feature of the money scheme is that it also gives a currency card through which the desired card money can be extracted from the ATM and card machine.
    • The loans of the money scheme are divided into three parts –
      Shishu (up to Rs 50,000)
      kishor (from Rs 50,001 to Rs 5 lakh)
      Tarun (Rs 500,001 to Rs 10,00,000)

Aim of plan

  • The person who wants to do any additional business from farming for earning, such as – construction, processing, business or service and does not have enough money, he can take up to 10 lakhs loan under this scheme.
  • Networks of Micro Finance Institutions will be monitored with the help of Mudra Bank and also new registrations.
  • One purpose of this plan is to increase access to financial inclusion. Under this scheme, if people run small businesses by taking loans then employment will increase, together with GDP growth.
  • India does not get tax from the informal sector. If the beneficiary of the Mudra yojna will do business then the number of income tax payers will also increase which will ultimately be beneficial for the financial position of the country.

Related posts

Total
0