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Consider the following statements:
1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.
2. MUDRA is a financial institution set up by the Government.
3. MUDRA lends directly to micro-entrepreneurs/individuals.
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 only
- c)3 only
- d)1, 2 and 3
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY...
- Pradhan Mantri Mudra Yojana (PMMY) was launched by the government in 2015 for providing loans up to Rs. 10 lakh to the non-corporate, non-farm small/micro-enterprises. Hence, statement 1 is correct.
- MUDRA, stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by the Government. Hence, statement 2 is correct.
- MUDRA provides funding to the non-corporate small business sector through various last-mile financial institutions like Banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
- It does not lend directly to micro-entrepreneurs/individuals. Hence, statement 3 is not correct.
- MUDRA has created three products i.e. 'Shishu', 'Kishore' and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit.
- Shishu: Covering loans up to Rs. 50,000.
- Kishore: Covering loans above Rs. 50,000 and up to Rs. 5 lakh.
- Tarun: Covering loans above Rs. 5 lakh and up to Rs. 10 lakh.
- Loans under this scheme are collateral-free loans.
Most Upvoted Answer
Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY...
Pradhan Mantri Mudra Yojana (PMMY)
Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme launched by the Government of India in 2015. It aims to provide financial support to micro and small enterprises (MSEs) in the form of loans, thereby promoting entrepreneurship and self-employment. The scheme primarily targets individuals and small businesses engaged in non-farm income-generating activities.
MUDRA
MUDRA stands for Micro Units Development and Refinance Agency Ltd. It is not a financial institution set up by the Government, as mentioned in statement 2. Rather, MUDRA is a financial regulatory body established by the Government of India in 2015. It is responsible for refinancing microfinance institutions (MFIs) and providing policy guidelines for the development and promotion of micro-enterprises.
Direct Lending to Micro-entrepreneurs
The third statement is correct. MUDRA does lend directly to micro-entrepreneurs and individuals. It operates through a network of partner financial institutions, including banks, non-banking financial companies (NBFCs), and MFIs. MUDRA provides refinancing support to these institutions, which in turn offer loans to micro-entrepreneurs under the PMMY scheme.
Explanation of Correct Answer (Option A)
The correct answer is option A, which states that statements 1 and 2 only are correct. This means that PMMY was launched in 2015, and MUDRA is not a financial institution, but a regulatory body. Statement 3 is incorrect as MUDRA does not lend directly to micro-entrepreneurs/individuals, but rather provides refinancing support to partner financial institutions that extend loans to such borrowers.
Conclusion
In conclusion, the Pradhan Mantri Mudra Yojana (PMMY) was indeed launched in 2015 to provide financial support to micro and small enterprises. However, MUDRA is not a financial institution but a regulatory body responsible for refinancing microfinance institutions and promoting the development of micro-enterprises. MUDRA does not lend directly to micro-entrepreneurs, but instead provides refinancing support to partner financial institutions that offer loans to individuals and small businesses under the PMMY scheme. Therefore, the correct answer is option A.
Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme launched by the Government of India in 2015. It aims to provide financial support to micro and small enterprises (MSEs) in the form of loans, thereby promoting entrepreneurship and self-employment. The scheme primarily targets individuals and small businesses engaged in non-farm income-generating activities.
MUDRA
MUDRA stands for Micro Units Development and Refinance Agency Ltd. It is not a financial institution set up by the Government, as mentioned in statement 2. Rather, MUDRA is a financial regulatory body established by the Government of India in 2015. It is responsible for refinancing microfinance institutions (MFIs) and providing policy guidelines for the development and promotion of micro-enterprises.
Direct Lending to Micro-entrepreneurs
The third statement is correct. MUDRA does lend directly to micro-entrepreneurs and individuals. It operates through a network of partner financial institutions, including banks, non-banking financial companies (NBFCs), and MFIs. MUDRA provides refinancing support to these institutions, which in turn offer loans to micro-entrepreneurs under the PMMY scheme.
Explanation of Correct Answer (Option A)
The correct answer is option A, which states that statements 1 and 2 only are correct. This means that PMMY was launched in 2015, and MUDRA is not a financial institution, but a regulatory body. Statement 3 is incorrect as MUDRA does not lend directly to micro-entrepreneurs/individuals, but rather provides refinancing support to partner financial institutions that extend loans to such borrowers.
Conclusion
In conclusion, the Pradhan Mantri Mudra Yojana (PMMY) was indeed launched in 2015 to provide financial support to micro and small enterprises. However, MUDRA is not a financial institution but a regulatory body responsible for refinancing microfinance institutions and promoting the development of micro-enterprises. MUDRA does not lend directly to micro-entrepreneurs, but instead provides refinancing support to partner financial institutions that offer loans to individuals and small businesses under the PMMY scheme. Therefore, the correct answer is option A.
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Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?.
Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015.2. MUDRA is a financial institution set up by the Government.3. MUDRA lends directly to micro-entrepreneurs/individuals.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?.
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