Tarun Plus
Kartavya Desk Staff
Source: PIB
Context: In July 2024, the finance minister announced an increase in the loan limit to ₹20 lakh, effective from October 24, 2024, under the new Tarun Plus category.
About Pradhan Mantri MUDRA Yojana (PMMY):
• Origin: Launched on April 8, 2015.
• Ministry: The Ministry of Finance.
• Objective: Designed to promote financial inclusion and self-employment opportunities by extending credit to small-scale enterprises in manufacturing, trading, and services, including allied agricultural activities.
• Loan categories: Shishu: Loans up to ₹50,000 for nascent businesses. Kishore: Loans between ₹50,000 and ₹5 lakh for slightly developed businesses. Tarun: Loans above ₹5 lakh up to ₹10 lakh for mature businesses. Tarun Plus: New category with loans from ₹10 lakh to ₹20 lakh for successful Tarun borrowers.
• Shishu: Loans up to ₹50,000 for nascent businesses.
• Kishore: Loans between ₹50,000 and ₹5 lakh for slightly developed businesses.
• Tarun: Loans above ₹5 lakh up to ₹10 lakh for mature businesses.
• Tarun Plus: New category with loans from ₹10 lakh to ₹20 lakh for successful Tarun borrowers.
• Member Lending Institutions (MLIs): Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc.
• Key features: Collateral-free loans: Offered through banks, NBFCs, RRBs, and MFIs without collateral, ensuring easier access. MUDRA card: A RuPay debit card offering flexible working capital, functioning as an overdraft facility for credit access and payment convenience. MUDRA MITRA app: A mobile app providing loan-related information, guidance, and resources for aspiring entrepreneurs.
• Collateral-free loans: Offered through banks, NBFCs, RRBs, and MFIs without collateral, ensuring easier access.
• MUDRA card: A RuPay debit card offering flexible working capital, functioning as an overdraft facility for credit access and payment convenience.
• MUDRA MITRA app: A mobile app providing loan-related information, guidance, and resources for aspiring entrepreneurs.
Insta links:
• PM-Mudra-Yojana-completes-8-years