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Mudra Yojana empowering the powerless, funding the unfunded

Ajay Das of Malda district in West Bengal had a passion for music. However, he could not become a musician for various reasons but never abandoned the idea. It was only after retirement that he got an opportunity to explore it. He set up a small shop of repairing musical instruments at Sadarghat area in Malda, which happened to be his family trade as well. But running the shop wasn’t easy given the financial constraints. Thankfully PM Mudra Yojana was there. He says, I was unable to run the shop well. I heard about Pradhan Mantri Mudra Yojana. I went to the bank and got a loan of little less than five lakh. My wife became the owner. This made a turnaround of my business. Now I have employed people also. I wish that my son will now have a good future in this business. Mudra Yojana changed the status of my family.

Ajay Das’s wife Parul Das was a housewife until the day she decided to take on the challenges head on. As she was aware of the tricks the trade, bank loan was granted in her name. She said, after we got a Bank loan under PM Mudra Yojana, our lives transformed. Our business expanded. Now we have two shops. I am willing to repay the loan and get another one to expand my business further.

Launched in April 2015, the Pradhan Mantri Mudra Yojana aims at providing formal access to finances to Non Corporate Small Business Sector. The scheme has been very successful in promoting and ensuring bank finances to the unfunded segment of the economy.

 

 

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