UPSC Prelims 2016 Question:

Pradhan Mantri MUDRA Yojana is aimed at

Explanation:

• Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched in 2015 to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.
  
  
• It enables a small borrower to borrow from all Public Sector Banks such as PSU Banks, Regional Rural Banks and Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions (MFI) and Non-Banking Finance Companies (NBFC) for loans upto Rs 10 lakhs for non-farm income generating activities.
  
  
• Under the aegis of Pradhan Mantri MUDRA Yojana, MUDRA has already created the following products/schemes.

• Shishu: covering loans upto 50,000/-
• Kishor: covering loans above 50,000/- and upto 5 lakh
• Tarun: covering loans above 5 lakh and upto 10 lakh
  
  

Therefore, option (1) is the correct answer.

Relevance: Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015.

Subject: Economics | Industry