Q: Pradhan Mantri MUDRA Yojana is aimed at
a) bringing the small entrepreneurs into formal financial system
b) providing loans to poor farmers for cultivating particular crops
c) providing pensions to old and destitute persons
d) funding the voluntary organizations involved in the promotion of skill development and employment generation
The correct answer is Option 1.
Pradhan Mantri MUDRA Yojana:
- On April 8, 2015, Prime Minister Narendra Modi unveiled the programme.
- It is a flagship programme that seeks to integrate small business owners into the official financial system by providing micro and small businesses with accessible loans. Hence, Option 1 is correct.
- It offers small and micro businesses that are neither corporations or farms loans up to Rs. 10 lakh.
- The Pradhan Mantri MUDRA loan offers three products:
- Paying back loans up to Rs. 50,000 made through Shishu.
- Covering loans under Kishore from over Rs. 50,000 to Rs. 500,000.
- Tarun loan coverage ranging from Rs. 500,000 and Rs. 10,000.
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