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Last updated: 26 Mar, 2015  

modi-17052014THMB.jpg PM to launch MUDRA Bank to fund SMEs on April 8

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SME Times News Bureau | 26 Mar, 2015
Prime Minister Narendra Modi will launch MUDRA (Micro Units Development and Refinance Agency) Bank to fund small and medium enterprises (SMEs) on 8th April in New Delhi in the presence of Finance Minister Arun Jaitley, informed an official press release on Wednesday.

The Union Finance Minister in his Budget Speech for 2015-16 announced formation of MUDRA Bank.

Jaitley 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 micro, small and medium enterprises (MSMEs), mostly individual proprietorship, which run small manufacturing, trading or service businesses. 62 percent 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 Rs 20,000 crore, and credit guarantee corpus of Rs 3,000 crore," he added.

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.
 
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Gov underestimating SC/ST and devaluing them
Rama Bhakta | Wed Apr 8 04:05:00 2015
every time government talk about SC/SC lead them to sustain in such situation. by now all are equal .. no reservation on cast basis... its must be just on financial condition if gov want to give some benefits.. BPL is good concept however people are misusing that as well..


Loan reg
A.C.Thanu | Tue Apr 7 06:12:52 2015
The banks are not taking risk for small enterpranaurs but they always support and take risk for politicians supported companies


Mudra Bank funding to SME's
Rajni | Thu Apr 2 17:52:46 2015
Why does our government have to just Think of SC / ST? All nationals must be given equal right /opportunities for growth. There is a lot of lower middle class also who in need of financial aid to have their own set up.There must be some parameters set, to gain the eligibility for receiving the Mudra Fund for all the nationals of our country.

  Re: Mudra Bank funding to SME's
A.C.Thanu | Tue Apr 7 06:14:22 2015
Yes what he says is true.Please concentrate on real manufacturers and help them to develop


Division of our society on basis of Caste and Creed
Ashok Puri | Wed Apr 1 04:27:17 2015
After the Congress Government the BJP Government is following in its footsteps. It is not only SC/ST and OBC who needs the funds but every deserving entrepreneur who starts a Micro or Small scale unit. All SC/ST and OBC entrepreneurs should undergo compulsory course in manufacturing and small businesses management offered a free by the lending bank in association with local or regional ITI's so that he is aware of procedure of running a small business. Only those securing 60% marks should be offered finance for starting a Unit. A one year apprenticship programme with a existing Unit in the same or similar field should also be made mandatory so that the entrepreneur understand the intricacy of running a business. This will result in fewer failures of the new and existing enterprises. Earlier State Bank of India was conducting such courses for its MSME units and the same should continue


 
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