PM trusted the poor: BJP leader Amit Malviya slams former RBI chief Raghuram Rajan over Mudra Yojana

Amit Malviya on Mudra Loan: BJP leader Amit Malviya asserted on Monday that the Pradhan Mantri Mudra Yojana - also known as Mudra loan scheme - by the central government led by Prime Minister Narendra Modi has proved to be a success despite predictions to the contrary by several prominent economists including former Reserve Bank of India (RBI) governor Raghuram Rajan.

Calling out Raghuram Rajan in a tweet, Amit Malviya claimed that NPAs of the Mudra loan scheme are lower than the banking sector average 7 years after it was launched.

“When country’s leader understands behavioural economics better Economists! At the time when PM Modi launched Mudra loans, “leading” Economists like Raghuram Rajan warned against NPAs. 7 years later, NPAs of Mudra, are lower than the banking sector average,” Amit Malviya said in a statement on Twitter.

“PM trusted the poor,” he added.

The Pradhan Mantri Mudra Yojana was started seven years ago and under this, loans were given to small traders. The Covid-19 pandemic had a big impact on small businessmen, but despite that they tried their best to repay the Mudra loan installments. The result of this is that the NPA of Mudra Yojana is the lowest. This is only 3.3 percent in the last seven years.

NPAs under Pradhan Mantri Mudra Yojana for all banks (public, private, foreign, state cooperative, regional rural and small finance) increased to Rs 46,053.39 crore by June 30, 2022, since the launch of Mudra Yojana on April 8, 2015. A total loan amount of Rs 13.64 lakh crore was disbursed under Mudra Yojana during this period. The NPA is only 3.38 percent. This is almost half of the entire banking sector.

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