Micro Units Development and Refinance Agency Bank - 10mins Seminar Notes
Micro Units Development and Refinance Agency Bank also known as Mudra Bank is a public sector financial institution based in Mumbai, India.
Mudra bank was announced by Prime Minister Narendra Modi in the 2015 Union budget of India in February 2015 and was launched on 08 April 2015 under Pradhan Mantri Mudra Yojana Scheme(PMMY), which provides loan at low rates to micro-finance institutions and non-banking financial institutions and they also provide credit to MSMEs ( Ministry of Micro, Small and Medium Enterprises).
The bank will have an initial capital of 200 billion rupees and a credit guarantee fund of 30 billion rupees. 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 made in to separate company. However, it will regulate micro finance institutions.
Mudra Bank provides small loans and business loans to borrowers from co-operative societies and regional rural bank.
This scheme is introduced for the development of individuals who run micro-units, entrepreneurship , marketing training, financial literacy and provide skill based development classes.
To avail the loan, customers will be segregated into three different categories based on their eligibility
• Shishu Mudra Loan (Allowed to apply up to 50,000rs)
• Kishor Mudra Loan (Allowed to apply up to 5 lakh)
• Tarun Mudra Loan (Allowed to apply up to 10 lakh)
Presented By
Gayathri RBanking Student
Magme School of Banking
Magme Guru is India's Biggest learning free App for Aspirants who are competing for all government exams with more than 2350+ Subjects and 523+ Exams.
No comments:
Post a Comment