Launch of MUDRA Bank by PM Narendra Modi

Apr 8 • Bank Coaching • 1771 Views • No Comments on Launch of MUDRA Bank by PM Narendra Modi

Some important facts that you must know about MUDRA Bank that has been launched by PM Narendra Modi.

1. The Micro Units Development and Refinance Agency (known as the MUDRA Bank) has been launched by Hon’ble Prime Minister Narendra Modi today on April 8, 2015 which would primarily be responsible for regulating micro and small enterprise financing business, and supporting them.

2. Prime Minister Narendra Modi will launch the ₹20,000 crore ( INR 200 billion ) MUDRA Bank that aims to provide refinancing to small and medium enterprises, particularly those belonging to members of scheduled castes and scheduled tribes.

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3. According to Narendra Modi , the bank would help over six crore families. The bank would also get an additional ₹3,000 crore (INR 30 billion ) in the budget to create a credit guarantee corpus for guaranteeing loans being provided to the micro enterprises.

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4. MUDRA Bank will offer loans under three schemes- Shishu -upto INR 50,000, Kishor upto INR 5 Lac and Tarun upto INR 10 Lac – based on stage of micro business.

5. MUDRA Bank will also register MFIs and be responsible for accreditation and rating of MFI.

6. It will also lay down policies for proper last mile practices to be followed by MFI to prevent indebtedness and provide proper client protection.

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