Which of the following statements with respect to the Pradhan Mantri MUDRA Yojana is/are correct?

It is a scheme for loans up to 50 lakhs to non-corporate, non-farm small/micro enterprises.

The nodal ministry for the implementation of the scheme is the Ministry of Labour and Employment.

Choose the correct answer using the codes given below:

Question

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched on April 8, 2015, for providing loans up to 10 lakh to non-corporate, non-farm small/micro enterprises.
These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.
Under the aegis of PMMY, MUDRA has created three products namely ‘Shishu’, ‘Kishore’, and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also provide a reference point for the next phase of graduation/growth.
Shishu: Providing coverage for loans up to Rs. 50000
Kishore: Loans beyond Rs. 50,000 and up to Rs. 5 lakh are covered.
Tarun: covers loans up to Rs. 10 lakh.
The Union Ministry of Finance implements it.

GKToday Admin · Accepted Answer

Neither 1 nor 2

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched on April 8, 2015, for providing loans up to 10 lakh to non-corporate, non-farm small/micro enterprises.
These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.
Under the aegis of PMMY, MUDRA has created three products namely ‘Shishu’, ‘Kishore’, and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also provide a reference point for the next phase of graduation/growth.
Shishu: Providing coverage for loans up to Rs. 50000
Kishore: Loans beyond Rs. 50,000 and up to Rs. 5 lakh are covered.
Tarun: covers loans up to Rs. 10 lakh.
The Union Ministry of Finance implements it.