Letter granting ₹3 lakh loan on payment of ₹36,500 under PMMY is fake

The government's PIB Fact Check has shared an image of a fake approval letter that claims to grant a ₹3 lakh loan under the Pradhan Mantri MUDRA Yojana (PMMY) on payment of ₹36,500 as legal insurance charges. It said that the Ministry of Finance had not issued such a letter. MUDRA stands for Micro Units Development and Refinance Agency.