It is important to educate borrowers about the benefits of repayment of loans
Banks, according to the RBI, did not follow adequate credit appraisals, did not ensure the end-use of funds, or monitor the loans
Loans extended under PMMY from the inception of the scheme up to March 2018 were Rs 5.71 trn
As of January 26, 2018, 106 million loans had been sanctioned under the scheme, according to data on the Mudra portal
The minister said that loans were given to 3.34 million persons in 2016-17 while in 2017-18, it was given to 1.69 million people