Pradhan Mantri Mudra Yojana (PMMY)

Pradhan Mantri Mudra Yojana (PMMY) was launched by the Government of India on April 8, 2015, to provide financial support to micro and small enterprises in the non-corporate, non-farm sector. The scheme aims to promote entrepreneurship by offering loans up to ₹10 lakhs through the Micro Units Development and Refinance Agency (MUDRA) Ltd. PMMY categorises loans into three segments: Shishu (up to ₹50,000), Kishore (₹50,001 to ₹5 lakhs), and Tarun (₹5 lakhs to ₹10 lakhs), to cater to different stages of business development. Since its inception, PMMY has played a crucial role in enhancing access to credit for small businesses, thereby fostering economic growth and employment. Despite its positive impact, PMMY has faced several consumer complaints. Borrowers have reported challenges such as lengthy processing times, inadequate information from bank officials, and difficulties in securing loans without collateral. Additionally, some entrepreneurs have encountered issues with high-interest rates and lack of transparency regarding loan terms and conditions. These hurdles have caused frustration among potential and existing borrowers, prompting the authorities to address these concerns and streamline the loan disbursement process to make it more efficient and user-friendly. Those encountering concerns related to Pradhan Mantri Mudra Yojana can use our platform to file a complaint. With a commitment to providing exceptional customer service, our team of legal experts ensures prompt and effective assistance.