The scheme, in 10 years of its launch on April 8, 2015, has reshaped India’s entrepreneurial landscape, drawing global recognition as a model for financial inclusion.
Masses are inclined towards purchase of consumer durables through loans, with the home appliances loans rising from just 1% in 2020 to 37% in 2024, a recent survey said.
The study by Paisabazaar analysed the credit data of 3.7 crore consumers across India.
In reply to Governor Banwarilal Purohit, Bhagwant Mann said the AAP government raised a loan of Rs 47,107 crore between April 2022 and August 2023.
Bank trade unions and other critics say, with evidence that is difficult to deny, that the bad bank is going to be one more route to help corporate and other big loan evaders. The course involves a corporate entity borrowing money from the bank, then becoming insolvent after some time and defaulting on the loan, leading the bank to sell the assets dirt cheap to another corporation
In a Right to Information or RTI response to activist Saket Gokhale released on Tuesday, the RBI said that outstanding loans amounting to Rs 68,607 crore taken out by the 50 firms have been written off till September 30, 2019.
A consortium of Indian public sector banks led by the State Bank of India had sought a bankruptcy order against Vijay Mallya as part of efforts to recoup around GBP 1.145 billion of unpaid loans from him.
The RBI made it clear that this will not affect the credit history of people and neither will it let to asset classification.
So far, about Rs 1,574 crore has been disbursed to sugar mills under various assistance schemes.
The Mudra scheme was launched in 2015 for providing small loans to income generating small enterprises in manufacturing and services.
