Short Update
Finance Minister directs banks to increase financial literacy for PM MUDRA Yojana beneficiaries
Finance Minister Nirmala Sitharaman told banks to increase financial literacy work in all states for people using PM MUDRA Yojana. This helps small business owners use loans well to grow their work.
The Minister said paying back loans on time helps people build a credit record. This makes getting bigger loans and bank services easier later. PM MUDRA Yojana gives collateral-free credit to small business owners who do not have assets for security.
During a talk with people using the scheme, the Minister said PM MUDRA Yojana started in 2015. It works with Pradhan Mantri Jan Dhan Yojana from 2014 to bring small businesses into the bank system.