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Prime Minister to Launch Mudra Bank Tomorrow; 5.77 Crore Small Business Units to be Provided Access to Institutional Finance

Dated:- 7-4-2015 - The Prime Minister Shri Narendra Modi will launch the Micro Units Development and Refinance Agency Ltd. (MUDRA) - a Bank tomorrow at a function at Vigyan Bhavan in the national capital. Earlier in his Budget Speech for Financial Year (FY) 2015-16, the Union Finance Minister Shri Arun Jaitley had proposed the creation of a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of ₹ 20,000 crore, and credit guarantee corpus of ₹ 3,000 crore. MUDRA, to b .....

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d offers a credit - plus solution for these enterprises spread across the country. The roles envisaged for MUDRA would include: Laying down policy guidelines for micro enterprise financing business Registration of MFI entities Accreditation /rating of MFI entities Laying down responsible financing practices to ward off over indebtedness and ensure proper client protection principles and methods of recovery Development of standardised set of covenants governing last mile lending to micro ent .....

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ed workers and entrepreneurs including /women entrepreneurs. The Government of India believes that development and growth have to be inclusive. According to the NSSO Survey of 2013, there are some 5.77 crore small business units, mostly individual proprietorship, which run manufacturing, trading or services activities. These encompass myriad of small manufacturing units, shopkeepers, fruits / vegetable vendors, truck & taxi operators, food-service units, repair shops, machine operators, smal .....

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Providing access to institutional finance to such micro/small business units/enterprises will not only help in improving the quality of life of these entrepreneurs but also turn them into strong instruments of GDP growth and employment generation. Since the enactment for MUDRA is likely to take some time, it is proposed to initiate MUDRA as a unit of SIDBI to benefit from SIDBI s initiatives and expertise. Products and Offerings The primary product of MUDRA will be refinance for lending to micr .....

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loans above ₹ 50,000/- and upto ₹ 5 lakh Tarun: covering loans above ₹ 5 lakh and upto ₹ 10 lakh Businesses/entrepreneurs/units covered would include proprietorship/partnership firms running as small manufacturing units, shopkeepers, fruits/vegetable sellers, hair cutting saloon, beauty parlours, transporters, truck operators, hawkers, co-operatives or body of individuals, food service units, repair shops, machine operators, small industries, artisans, food processors, s .....

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