Prime minister shri.Narandra Modi launched the MUDRA bank today in new delhi . Micro units development & refinance angency ltd(MUDRA) will refinance the micro finance institutions through pradan mantra mudra yojana.
Mudra will also act as a regulator for micro finance institutions. The bank is launched with a corpus of Rs 20,000 crore and a credit guarantee corpus of Rs 3000 crore. This move will increase the number of entrepreneurs and small businesses. The bank night benefit some 58 million small and medium businesses in the country.
The objectives of MUDRA are
- To be an financial & support service provider for the micro enterprises & help in economic development.
- Creating good architecture of last mile financiers to micro businesses.
- Promoting right technology solutions for financial delivery to the last mile.
- Providing door step credit at lower cost.
“Mudra is Our innovation of funding the unfunded”. The prime minister said.