‘PM Trusted the Poor’: BJP’s Amit Malviya Takes Swipe at Ex-RBI Guv Rajan Over Lower-than-average Mudra Loan NPAs

Sharing a report that said non-performing assets (NPAs) of banks for Mudra loans were lower than the average in seven years, BJP’s Amit Malviya on Monday lauded Prime Minister Modi, while former RBI governor He also took a jibe at Raghuram Rajan.

Malviya shared a screenshot of a report on Twitter Indian ExpressPublished on Monday, it said that the NPA of loans under the Pradhan Mantri Mudra Yojana was lower than the average NPA of 3.38 per cent for the sector in the last seven years.

He also posted a screenshot of a 2018 article in which Rajan was quoted as saying that loans under the Mudra scheme needed to be scrutinized “more closely” for potential credit risk.

Malviya wrote, “When the leaders of the country understand practical economics better than the economists!”

“At the time PM Modi launched Mudra loans, “leading” economists like Raghuram Rajan warned against NPAs. After 7 years, Mudra’s NPA is lower than the banking sector average.

He said, ‘The PM had faith in the poor.’

Indian Express Bad loans under the Mudra scheme reached Rs 46,053.39 crore, up 3.38 per cent, for all banks – public, private, foreign, state co-operative, regional rural and small finance – from April 2015 to June 2022, the report said. . The percentage of total disbursement of Rs 13.64 lakh crore under the scheme during this period.

This was half the share of the banking sector as a whole which stood at 5.97 per cent for the year ending March 31, 2022.

Micro Units Development and Refinance Agency or MUDRA was launched by Prime Minister Modi in April 2015. Under the Pradhan Mantri Mudra Yojana, loans up to Rs 10 lakh were to be given to non-corporate and non-agriculture small/micro enterprises.

Since the launch of the scheme, several experts, including Rajan, had warned about the possibility of higher NPAs.

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