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PM Combination of Integrity with MUDRA Capital - Will be the key to Success for Small Entrepreneurs

Dated:- 8-4-2015 - FM: The Basic Purpose to start the MUDRA Bank was to Fund the Unfunded The Prime Minister Shri Narendra Modi said that while there are a number of facilities provided for the large industries in India, there is a need to focus on these 5 crore 75 lakh self-employed people who use funds of ₹ 11 lakh crore, with an average per unit debt of merely ₹ 17,000 to employ 12 crore Indians. He said that these facts, when brought to light, led to the vision for MUDRA Bank. Th .....

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find employment in large industries, whereas small enterprises employ 12 crore people in the country. The Prime Minister gave examples of other small businesses that, with a little help, have the potential to grow manifold. He said that the biggest asset of the poor is his / her integrity (imaan). By combining their integrity with capital (MUDRA), it would become the key to their success - पूंजी सफलता की कुæ .....

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e contributing so heavily to the task of nation building. He said that the established financial systems will soon move to the MUDRA-model of functioning, i.e. to support entrepreneurs that give employment to a large number of people using least amount of funds. The Prime Minister asked the bankers to study the successful micro finance models being followed in other parts of the world and try to adapt them according to the local requirements. Earlier speaking on the occasion, the Union Finance M .....

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schemes for the poor and vulnerable sections of the society in the form of accident insurance, life insurance and pension schemes, and now trying to ensure that health insurance schemes are also made easily accessible/extended to this section of the society. He said that the policy of the Government to have an industrial corridor will help in providing employment to more than 30 crore landless workers. Shri Jaitley said that under Pradhan Mantri Mudra Yojana, micro entrepreneurs will be sanction .....

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CEOs of various Public Sector Banks and Financial Institutions and representatives of the Micro Finance Institutions from across the country among others. The Government of India believes that economic growth would be self- sustaining in the long run if it is an inclusive economic growth. 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 .....

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ives, these hard working entrepreneurs find it difficult to access institutional finance. These entrepreneurs are largely self financed or rely on personal networks or moneylenders. In order to address the problem of timely and adequate finances to Non-Corporate Small Business Sector, the Union Finance Minister, in his Budget Speech for FY 2015-2016, had proposed the creation of a Micro Units Development Refinance Agency (MUDRA) Bank, with a Refinance corpus of ₹ 20,000 crore, and credit g .....

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ness enterprises. Further, the approach goes beyond credit only approach and 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 Developmen .....

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taken up by MUDRA are targeted towards mainstreaming young, educated or skilled workers and entrepreneurs. 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 micro businesses/units under the aegis of the Pradhan Mantri MUDRA Yojana. The products would be covered under Shishu , Kishor and Tarun category .....

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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, self help groups, professionals and service providers etc. in rural and urban areas with financing requirements upto ₹ 10 lakh. The products initially being launched are as under: Sector / activity specific sch .....

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