Subject: Pradhan Mantri MUDRA Yojana (PMMY)
A MUDRA Bank, whichstarted in th NDA Time which Formerly called as Micro Units Development and Refinance Agency Bank (or MUDRA Bank) which is a public sector financial institution in India. It provides loans at low rates to microfinance institutions and non-banking financial institutions which then provide credit to Micro Small Medium Enterprises MSME's. It was launched by Prime Minister Narendra Modi on 8 April 2015
The bank will have a initial corpus of 20,000 crore and a credit guarantee fund of 3,000 crore. The bank will initially function as a non-banking financial company and a subsidiary of the Small Industries Development Bank of India (SIDBI). Later, it will be made into a separate company. It will also serve as a regulator for other micro-finance institutions (MFIs) and provide them refinancing services. It will provide guidelines for MFIs and give them ratings.
MUDRA BANK was a Last mile financiers, Since small entreprenuers are businssess are often cut off from banking system because of limited branch presence, Mudra Bank will partner with local coordinators and provide finance to "Last Mile Financiers" of small/micro businesses.
The bank will classify its clients into three categories and the maximum allowed loan sums will be based on the category.
Shishu : Allowed loans up to 50,000.
Kishore : Allowed loans up to 5,00,000
Tarun : Allowed loans up to 10,00,000.
Recently Govt. Has decided to provide an additional fund of 100000 crore to the market and will be allocated as
40% to shishu
35% to kishor
25% to tarun.
The citizens who are eligible for borrowing the money from the Mudra Bank were:
Small manufacturing unit
Shopkeepers
Fruits / Vegetable vendors
Artisans.
A MUDRA Bank, whichstarted in th NDA Time which Formerly called as Micro Units Development and Refinance Agency Bank (or MUDRA Bank) which is a public sector financial institution in India. It provides loans at low rates to microfinance institutions and non-banking financial institutions which then provide credit to Micro Small Medium Enterprises MSME's. It was launched by Prime Minister Narendra Modi on 8 April 2015
The bank will have a initial corpus of 20,000 crore and a credit guarantee fund of 3,000 crore. The bank will initially function as a non-banking financial company and a subsidiary of the Small Industries Development Bank of India (SIDBI). Later, it will be made into a separate company. It will also serve as a regulator for other micro-finance institutions (MFIs) and provide them refinancing services. It will provide guidelines for MFIs and give them ratings.
MUDRA BANK was a Last mile financiers, Since small entreprenuers are businssess are often cut off from banking system because of limited branch presence, Mudra Bank will partner with local coordinators and provide finance to "Last Mile Financiers" of small/micro businesses.
The bank will classify its clients into three categories and the maximum allowed loan sums will be based on the category.
Shishu : Allowed loans up to 50,000.
Kishore : Allowed loans up to 5,00,000
Tarun : Allowed loans up to 10,00,000.
Recently Govt. Has decided to provide an additional fund of 100000 crore to the market and will be allocated as
40% to shishu
35% to kishor
25% to tarun.
The citizens who are eligible for borrowing the money from the Mudra Bank were:
Small manufacturing unit
Shopkeepers
Fruits / Vegetable vendors
Artisans.
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