Pune: 54,000 applicants for Mudra Bank scheme

The government's MUDRA is a scheme set up by the government to develop micro units and re-finance these industries to encourage entrepreneurship in the country.

By: Express News Service | Pune | Published:September 21, 2016 5:51 am
Modi at the launch of the Pradhan Mantri MUDRA Yojana in New Delhi Wednesday. (Express Photo by: Prem Nath Pandey) File Photo: April 2015, Prime Minister Modi at the launch of the Pradhan Mantri MUDRA Yojana in New Delhi (Express Photo by Prem Nath Pandey/file)

PUNE DISTRICT has 54,000 applicants for the Mudra scheme and according to statistics provided by the district administration Rs 995 crore has been disbursed for the same.

The government’s MUDRA (Micro Units Development and Refinance Agency Bank is a scheme set up by the government to develop micro units and re-finance these industries to encourage entrepreneurship in the country. Pune district administration officials maintained that there is a good response from rural areas for all the three schemes –the Shishu loan, Kishore loan and Tarun loan scheme. They, however, will be undertaking the task to carry out more information, education and communication activities to reach out to the people so that more can avail the benefits.

Any Indian citizen involved in income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than Rs 10 lakh can approach banks, MFIs, financial institutions or NBFC to avail the MUDRA loans under the Pradhan Mantri Mudra Yojana (PMMY). The amounts under Shishu, Tarun and Kishore are set at Rs 50,000, 2 lakh and 10 lakh respectively. They carry an interest rate of 9.75 per cent and are repayable in seven years.