Cooperative Banks play their parts in helping the government achieve its Mudra loan lending target of Rs 3 lakh crore for FY19. Besides co-op banks, these loans are also given by Commercial Banks, RRBs, Small Finance Banks, MFIs and Non-Banking Financial Companies.
Media report says Mudra loans worth Rs 4,500 crore being sanctioned daily over the last four working days in March against an average rate of Rs 970 crore per working day for the whole financial year.
The amount of Pradhan Mantri Mudra Yojana (PPMY) loans sanctioned till March 22 stood at Rs 2.82 lakh crore, of which nearly 97% had been disbursed. But in the last eight days of the previous fiscal, loans worth around Rs 18,000 crore were sanctioned under the Modi government’s flagship scheme to ensure that the target was met for the third year running, the Financial Express reported.