The Government has debunked a fake approval letter, claiming to grant a loan of five lakh rupees under the Pradhan Mantri Mudra Yojana on payment of 350 rupees as a processing fee. The Fact Check Unit of the Press Information Bureau (PIB) has termed the letter as fake. PIB clarified that the Micro Units Development and Refinance Agency (MUDRA) does not lend directly to micro-entrepreneurs or individuals. It noted that MUDRA provides refinancing support to last-mile financiers, including Non-Banking Financial Companies, Microfinance Institutions, societies, trusts, Section 8 companies, small finance banks, and regional rural banks, which in turn extend loans to micro and small business entities engaged in manufacturing, trading, services, and agri-allied activities. PIB urged citizens to be aware of such fake news and advised them not to transfer money based on such messages and also not to share personal or banking details.
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