The Pradhan Mantri Mudra Yojana is significantly benefitting a large number of people in Uttar Pradesh, owing to the Yogi Adityanath government’s efforts to ensure that the central government’s schemes reach every eligible citizen in the state.

By June 2024, in the financial year 2024-25, over 11 lakh people have received loans totalling approximately Rs 11,000 crore. These loans have been provided through various banks and non-banking financial companies (NBFCs) operating in the state.

To maximise the scheme’s impact, the UP government is actively coordinating with banks and conducting regular reviews to ensure that loans are easily accessible to every eligible person.

Notably, the Modi government launched the Pradhan Mantri Mudra Yojana to foster entrepreneurship across the country. By prioritising the scheme’s implementation, the Yogi government has enabled financial support for setting up or expanding enterprises in Uttar Pradesh.

During a meeting with Chief Secretary Manoj Kumar Singh, the State Level Bankers Committee (SLBC UP) recently presented a progress report on the Pradhan Mantri Mudra Yojana.

Officials here on Tuesday said the report revealed that, as of June 30, 2024, a total of Rs 10,996 crore in loans had been distributed to 11.63 lakh account holders across Uttar Pradesh in the financial year 2024-25. Banks disbursed Rs 9,039 crore to 7.10 lakh account holders, while non-banking financial companies (NBFCs) provided Rs 1,957 crore to 4.53 lakh account holders.

The SLBC serves as a key forum for coordination between the central and state governments. Through quarterly meetings, the progress of various development programmes is reviewed, and strategies are formulated to meet the established targets.

In Uttar Pradesh, the forum is organised by the Bank of Baroda, which noted that the state’s progress under the Pradhan Mantri Mudra Yojana is commendable.

The report also highlighted the achievements of the previous financial years, 2022-23 and 2023-24. In 2022-23, loans totalling Rs 47,427 crore were disbursed to over 68 lakh people by banks and NBFCs. Banks provided Rs 39,861 crore to 48.97 lakh account holders, while NBFCs distributed Rs 7,566 crore to 19.11 lakh account holders.

Similarly, in 2023-24, loans amounting to Rs 58,522 crore were given to 76.76 lakh people, with banks disbursing Rs 41,490 crore to 41.57 lakh account holders, and NBFCs providing Rs 17,032 crore to 35.19 lakh account holders. The steady increase in both the number of beneficiaries and loan amounts each year reflects the growing impact of the scheme.