Government partners with private firms to give mudra loans
Government partners with private firms to give mudra loans
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New Delhi, May 23 (IANS) The government on Wednesday said it had joined hands with several private companies, including Amul, Amazon, Flipkart, Ola, Uber and Oyo, to provide "mudra loans" to small businesses.
The partnership will be a part of the Pradhan Mantri Mudra Yojana (PMMY) which provides loans of up to Rs 10 lakh to small entrepreneurs.
Financial Services Secretary Rajiv Kumar said mudra loans under this partnership will focus on the value chain and will be anchored by industries.
He told reporters here that companies like Ola, Flipkart, Uber and Zomato have small entrepreneurs as partners who require loans and that they will be benefited by this partnership.
"Cab aggregators Ola, Uber, Meru join hands with Mudra to create more than 35,000 potential job opportunities and entrepreneurs under Pradhan Mantri Mudra Yojana," he said in a tweet.
Apart from cab aggregators, other companies like Amul, Patanjali, Zomato, Make My Trip, Swiggy, Big Basket and several lenders have joined the three-way partnership.
"Amul highlights possibilities of mudra loans for cattle financing, milking machines, sheds, cold rooms, milk parlours. (It will) work through their 3.6 million members to increase non-farm income," Kumar said.
"New ways of working under mudra. Oyo proposes to target 80,000 room providers: sourcing, escrow arrangements, co-sharing of guarantee for mudra loans. (It) Opens enormous potential for homestays across the country," he added.
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