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Which of the following acronyms represents the scheme by the union Government to facilitate the collateral free loans by Banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to Small/Micro business enterprises and individuals in the non-agricultural sector ?
1. UDAAN
2. JAM
3. MUDRA
4. UDAY

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Correct Answer - Option 3 : MUDRA

The correct answer is MUDRA.

  • About the Pradhan Mantri MUDRA Yojana (PMMY) scheme:
    • The PMMY scheme was launched in April 2015. The scheme’s objective is to refinance collateral-free loans given by the lenders to small borrowers.
    • The scheme, which has a corpus of Rs 20,000 crore, can lend between Rs 50,000 and Rs 10 lakh to small entrepreneurs.
    • Banks and MFIs can draw refinance under the MUDRA Scheme after becoming member-lending institutions of MUDRA.
    • Mudra Loans are available for non-agricultural activities up to Rs. 10 lakh and activities allied to agriculture such as Dairy, Poultry, Bee Keeping etc, are also covered.
    • Mudra’s unique features include a Mudra Card which permits access to Working Capital through ATMs and Card Machines.
    • There are three types of loans under PMMY:
      • Shishu (up to Rs.50,000).
      • Kishore (from Rs.50,001 to Rs.5 lakh).
      • Tarun (from Rs.500,001 to Rs.10,00,000).

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