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Boost to small biz: Modi to launch MUDRA Bank today

The primary product of MUDRA will be refinance for lending to micro businesses.

Narendra modi, Modi Mudra, Mudra bank Prime Minister Narendra Modi.

Prime Minister Narendra Modi on Wednesday will launch the Micro Units Development and Refinance Agency or MUDRA Bank that would give loans up to Rs 10 lakh to small entrepreneurs and also act as a regulator for micro-finance institutions.

“The primary product of MUDRA will be refinance for lending to micro businesses  and units under the aegis of the Pradhan Mantri MUDRA Yojana,” said a finance ministry release on Tuesday, adding that initial products and schemes have been divided into three categories – ‘Shishu’, ‘Kishor’ and ‘Tarun’.

“The interventions have been named to signify the stage of growth  and development and funding needs of the beneficiary micro unit  as also provide a reference point for the next phase of graduation for the entrepreneur,” the ministry said. Accordingly, loans up to Rs 50,000 would be available under Shishu scheme while finance ranging between Rs 50,000 to Rs 5 lakh would be provided under Kishor scheme.

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First published on: 08-04-2015 at 04:51:59 am
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