Vinod Kumar seeks Nirmala Sitaraman’s intervention

Telangana State Planning Board vice-chairman B. Vinod Kumar has urged Union Finance Minister Nirmala Sitaraman to instruct banks in the State to achieve the revised target of sanctioning of 28 lakh Pradhan Mantri Mudra Yojana (PMMY) loans in a time-bound manner.

Telangana is a newly formed State and hence, it requires fair share of Mudra loans sanctioned by banks for its small businesses and unemployed. The PMMY is intended to promote self-employment and to support small business persons by providing financial assistance up to ₹10 lakh through banks without insisting for any collateral security.

The scheme helped over 24 crore people throughout the country till the end of March 31, 2020. But the percentage and number of PMMY beneficiaries in the State was much lower when compared to the national average. In a letter addressed to the Union Minister, Mr. Vinod Kumar reminded her his previous communication bringing to her notice that lakhs of unemployed and small business persons of the State were deprived of availing of the benefits under the PMMY and were unable to attain the national average of people availing Mudra loans.

He recalled his request for giving additional target of sanctioning 30 lakh Mudra loans to eligible borrowers in the State. Banks, however, had not taken any steps to fulfil the shortfall of previous years and were still reluctant in sanctioning Mudra loans in the State. Small business persons like vegetable vendors were totally neglected in the sanction of Mudra loans as a result of which not a single Mudra loan was sanctioned in thousands of villages.

“Not even one per cent of population is covered by the PMMY loans in many districts of Telangana as on date,” he lamented. Only 10.62 per cent of the State population was covered under the scheme as against 17.86 per cent of the population across the country availing the facility. In view of this, he requested the intervention of the Union Minister for doing justice to lakhs of eligible poor, unemployed and small businesses in the State.

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