New Delhi,
March 25, 2015
Chaitra 4, 1937
Prime Minister of India
Shri Narendra Modi will launch MUDRA (Micro Units Development and Refinance
Agency) Bank on 8th April, 2015 at 9.15 AM at Vigyan Bhawan, New Delhi in the
presence of Hon’ble Finance Minister Shri Arun Jaitley.
The Union Finance Minister in his Budget Speech for
2015-16 announced formation of MUDRA Bank. He said “Madam Speaker, our
government firmly believes that development has to generate inclusive growth. While
large corporate and business entities have a role to play, this has to be
complemented by informal sector enterprises which generate maximum employment.
There are some 5.77 crore small business units, mostly individual
proprietorship, which run small manufacturing, trading or service businesses.
62% of these are owned by SC/ST/OBC. These bottom of the pyramid, hard-working
entrepreneurs find it difficult, if not impossible, to access formal systems of
credit. I, therefore, propose to create a Micro Units Development Refinance
Agency (MUDRA) Bank, with a corpus of ‘20,000 crore, and credit guarantee
corpus of ‘3,000 crore. MUDRA Bank will refinance Micro-Finance Institutions
through a Pradhan Mantri Mudra Yojana In lending, priority will be given to
SC/ST enterprises. These measures will greatly increase the confidence of
young, educated or skilled workers who would now be able to aspire to become
first generation entrepreneurs; existing small businesses, too, will be able to
expand their activities. Just as we are banking the un-banked, we are also
funding the un-funded.”
In order to decide the
modalities of functioning of MUDRA Bank, a meeting of stake holders
consultation was held today in New Delhi under the Chairmanship of Dr. Hasmukh
Adhia, Secretary, Department of Financial Services, in which all stakeholders,
including cross section of micro finance
institutions, NBFCs, Banks, NABARD, SIDBI and RBI representatives were
present. Based on the consultation which took place today as well as the
consultation which will happen in the days to come, the exact modalities of
functioning of MUDRA Bank and its activities would be framed before the formal
launch of MUDRA Bank on 8th April, 2015, and the same would be unveiled on the
day of Launch.
