Government mulls adding insurance to Pradhan Mantri MUDRA Yojana loans
The government is thinking about adding insurance to Mudra loans, those small business loans under the Pradhan Mantri MUDRA Yojana (PMMY).
It's part of a bigger push called "Insurance for All by 2047," which aims to make insurance more common, especially for people who usually get left out.
Right now, officials and insurers are figuring out how this could actually work.
PMMY borrowers could gain loan insurance
If this happens, small business owners could get some financial safety net along with their loan, helping them bounce back if things go wrong.
The PMMY program already helps folks who can't easily get bank loans, so adding insurance could make a real difference for low-income and underinsured communities.
Details like cost and whether the insurance would be optional or required are still being discussed.