Prime Minister Narendra Modi will launch the Rs 20,000 crore MUDRA Bank on April 8 that aims to provide refinancing to small and medium enterprises, particularly those belonging to members of scheduled castes and scheduled tribes.
The proposed Micro Units Development and Refinance Agency or MUDRA Bank was announced by finance minister Arun Jaitley in the Union Budget 2015-16 to refinance micro-finance institutions through Pradhan Mantri Mudra Yojana. “In lending, priority will be given to SC/ST enterprises,” he had said.
Accordingly, the finance ministry on Wednesday also called a stakeholders’ consultation to finalise the modalities of functioning of the proposed agency.
The meeting was attended by representatives of micro-finance institutions, NBFCs, banks, NABARD, SIDBI and RBI.