Prime Minister Narendra Modi on Tuesday said over ₹33 lakh crore of collateral-free loans have been sanctioned under Mudra Yojana in the last ten years and has ensured social inclusion and economic freedom.

Interacting with a group of Mudra loan beneficiaries at his residence on the tenth anniversary of the scheme, PM Modi said that he, along with his colleagues, will take direct feedback from the beneficiaries in order to make it more inclusive.

“Today, as we mark, #10YearsOfMUDRA, I would like to congratulate all those whose lives have been transformed thanks to this scheme. Over this decade, Mudra Yojana has turned several dreams into reality, empowering people who were previously overlooked with the financial support to shine. It illustrates that for the people of India, nothing is impossible!,” he said in a post on X.

PMMY is a collateral-free institutional credit scheme, which is provided by member lending institutions (MLIs) such as scheduled commercial banks (SCBs), regional rural banks (RRBs), non-banking financial companies (NBFCs) and micro finance institutions (MFIs).

Any individual, who is otherwise eligible to take a loan and has a business plan for small business enterprise can avail Mudra loan for manufacturing, trading, services and activities allied to agriculture.