Visakhapatnam, Oct 1: Union Urban Development Minister M Venkaiah Naidu on Sept 30 said with the launch of Pradhan Mantri Mudra Yojana (PMMY), small entrepreneurs will no longer have to be at the mercy of moneylenders.
Until now, small entrepreneurs in the country had to largely remain dependent on moneylenders for loans, which were given at exorbitantly high rates of interest.
Under PMMY, these entrepreneurs can avail loans at low interest rate, he said.
Naidu was speaking at a Mudra loan campaign organised by various banks, including SBI, here.
Banks have said two crore people would be given Rs 1,22,000 crore loan under the scheme launched by Mudra (Micro Units Development and Refinance Agency).
Under the scheme, banks provide loans under three categories - Shishu (up to Rs 50,000), Kishore (Rs 50,001 to Rs 5 lakh) and Tarun (Rs 5,00,001 to Rs 10 lakh).