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Schemes

MUDRA SCHEME

Pradhan Mantri MUDRA Yojana has come as a boon for MSME (Micro, small and medium Enterprises) sector and is widely hailed as a robust measure to achieve inclusive growth.

Purpose :

Micro Units Development and Refinance Agency (MUDRA) Bank which would be responsible for regulating and refinancing all Micro-finance Institutions (MFI) which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities.

MUDRA scheme is aimed at “funding the unfunded”. The small entrepreneurs of India are used to exploitation at the hands of money lenders so far, but MUDRA will instill a new confidence in them that the country is ready to support them in their efforts that are contributing so heavily to the task of nation building.

Features :

The primary product of MUDRA will be refinance for lending to micro businesses/units under the aegis of the Pradhan Mantri MUDRA Yojana.

· MUDRA Bank has been established by government with a Refinance corpus of Rs.20, 000 crore, and credit guarantee corpus of Rs.3000 crore.

· The products would be covered under three categories that are as follows:

Ø Shishu : covering loans up to Rs. 50,000/-

Ø Kishor : covering loans above Rs. 50,000/- and up to Rs. 5 Lakh

Ø Tarun : covering loans above Rs. 5 Lakh and up to Rs. 10 Lakh

It is to be noted that at least 60% of loans shall be disbursed under Shishu category and remaining for Kishor and Tarun categories.

· All commercial banks (Private or Public), RRB, Cooperative Bank or other Micro Finance Institutions are eligible for refinance under PM Mudra Yojana.

· Collateral Security: Banks have been mandated not to insist for collateral security in the case of loans up to 10 Lakh extended to the units in the Micro Small Enterprises sector.

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