PM Modi to launch MUDRA Bank today - RNews1 Network

PM Modi to launch MUDRA Bank today

Narendra Modi, Prime Minister Narendra Modi, PM Modi, Mudra Bank, mudra banking launch
New Delhi : Small time manufacturers, shopkeepers, fruits & vegetable vendors and hawkers will not have to run from pillar to post for obtaining credit as Prime Minister Narendra Modi launches the MUDRA Bank. The bank is set to function as a unit of SIDBI until a law is passed to give it a legal format it.

PM Modi does not want to wait till the MUDRA Act is passed. He wants to give shape to MUDRA Bank so that the services are available to the poor at the earliest, an official said.

MUDRA will benefit those borrowers specially whose credit requirements are up to Rs 10 lakh. It will be set up through a statutory enactment. It would be responsible for developing and refinancing through a Pradhan Mantri MUDRA Yojana.

MUDRA will also join state/regional level co-ordinators to provide finance to ‘last mile financiers’ of small/micro business enterprises, a FinMin statement said.

Further, it goes beyond a credit-only approach and offers a credit-plus solution for these enterprises spread across the country, it said.

The steps to be taken up by MUDRA are targeted towards mainstreaming young, educated or skilled work force and entrepreneurs, including women entrepreneurs, it said.

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