“MUDRA Bank will regulate banks only for the purpose of MUDRA loaning. MUDRA Bank will not be the regulator of the micro finance institutions" Department of Financial Services Secretary Anjuly Chib Duggal said.
What in a nutshell, is the idea behind the Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana scheme? Idea is to slash loan rate from 30% to around 10% for medium and small entrepreneurs.
MUDRA will be the key to success for small entrepreneurs. Pradhan Mantri MUDRA Yojana is one of PM Narendra Modi and his party, the Bharatiya Janata Party's (BJP), major pet policies - it targets 5.75 crore people.
MUDRA Ltd has been established as a subsidiary of SIDBI with an initial corpus of Rs 5,000 crore to provide capital to all banks seeking refinancing of small business loans under Pradhan Mantri Mudra Yojana (PMMY).
Micro Units Development Refinance Agency (MUDRA) Bank has partnered with 19 state and regional level coordinators to reach those small entrepreneurs who are often cut off from the banking system because of a limited branch pr