New Delhi,
\nMarch 25, 2015<\/strong><\/p>\n

Chaitra 4, 1937<\/strong><\/p>\n

Prime Minister of India
\nShri Narendra Modi will launch MUDRA (Micro Units Development and Refinance
\nAgency) Bank on 8th April, 2015 at 9.15 AM at Vigyan Bhawan, New Delhi in the
\npresence of Hon’ble Finance Minister Shri Arun Jaitley.<\/p>\n

The Union Finance Minister in his Budget Speech for
\n2015-16 announced formation of MUDRA Bank. He said “Madam Speaker, our
\ngovernment firmly believes that development has to generate inclusive growth. While
\nlarge corporate and business entities have a role to play, this has to be
\ncomplemented by informal sector enterprises which generate maximum employment.
\nThere are some 5.77 crore small business units, mostly individual
\nproprietorship, which run small manufacturing, trading or service businesses.
\n62% of these are owned by SC\/ST\/OBC. These bottom of the pyramid, hard-working
\nentrepreneurs find it difficult, if not impossible, to access formal systems of
\ncredit. I, therefore, propose to create a Micro Units Development Refinance
\nAgency (MUDRA) Bank, with a corpus of ‘20,000 crore, and credit guarantee
\ncorpus of ‘3,000 crore. MUDRA Bank will refinance Micro-Finance Institutions
\nthrough a Pradhan Mantri Mudra Yojana In lending, priority will be given to
\nSC\/ST enterprises. These measures will greatly increase the confidence of
\nyoung, educated or skilled workers who would now be able to aspire to become
\nfirst generation entrepreneurs; existing small businesses, too, will be able to
\nexpand their activities. Just as we are banking the un-banked, we are also
\nfunding the un-funded.”<\/p>\n

In order to decide the
\nmodalities of functioning of MUDRA Bank, a meeting of stake holders
\nconsultation was held today in New Delhi under the Chairmanship of Dr. Hasmukh
\nAdhia, Secretary, Department of Financial Services, in which all stakeholders,
\nincluding cross section of micro finance 
\ninstitutions, NBFCs, Banks, NABARD, SIDBI and RBI representatives were
\npresent. Based on the consultation which took place today as well as the
\nconsultation which will happen in the days to come, the exact modalities of
\nfunctioning of MUDRA Bank and its activities would be framed before the formal
\nlaunch of MUDRA Bank on 8th April, 2015, and the same would be unveiled on the
\nday of Launch.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[310],"class_list":["post-1866","post","type-post","status-publish","format-standard","hentry","category-banking","tag-mudra"],"yoast_head":"\n