The government has disbursed over 52.3 crore loans worth Rs 32.9 lakh crore under the PM Mudra Yojna, with a non-performing asset ratio of 3.6% for public sector banks.
Around 20% of the loans were given to new entrepreneurs, while 68% have been granted to women and 50% to SC/ST/OBC borrowers.
Before the launch of the scheme, many small businesses struggled to access formal credit and were often forced to borrow from moneylenders charging exorbitant interest rates.
The target for the next fiscal is to disburse another Rs 5-6 lakh crore under the PM Mudra Yojana.