Empowering the Unfunded: India's Collateral-Free Loan Revolution

The Pradhan Mantri MUDRA Yojana (PMMY), launched in April 2015, has sanctioned Rs 34 lakh crore in collateral-free loans to 55 crore beneficiaries. The 'Your Money, Your Right' campaign aims to educate citizens on claiming unclaimed financial assets, providing guidance on accessing their inactive funds.

In a significant financial initiative, the Pradhan Mantri MUDRA Yojana (PMMY) has sanctioned loans worth Rs 34 lakh crore to 55 crore beneficiaries, all without collateral. Minister of State for Finance Pankaj Chaudhary highlighted these achievements on Thursday.

Originally introduced by Prime Minister Narendra Modi in April 2015 to support the financially underserved, the scheme's upper limit has been increased to Rs 20 lakh, as announced in the Budget 2024-25. Chaudhary emphasized this success during a Punjab National Bank camp titled 'Aapki Poonji Aapka Adhikar' (Your Money Your Right).

Finance Minister Nirmala Sitharaman launched a nationwide awareness campaign to identify unclaimed assets, collaborating with national financial agencies. The initiative, running from October through December 2025, offers on-the-spot assistance for reclaiming idle funds.

(With inputs from agencies.)