Micro Units Development and Refinance Agency Bank (edit)
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'''Micro Units Development and Refinance Agency Bank''' (or '''MUDRA Bank''')<ref>{{Cite news|url=http://infnd.com/pradhan-mantri-mudra-yojana-bank-loan-in-hindi/|title=Pradhan Mantri Mudra Yojana (Mudra Loan)|work=Infnd|language=en-US}}</ref>) is a [[public sector]] financial institution in [[India]]. It provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs. It was launched by [[Prime Minister of India|Prime Minister]] [[Narendra Modi]] on 8 April 2015.<ref name=CheaperFinance>{{cite news|title=MUDRA to help 5.7 crore very small businesses access cheaper finance |url=http://www.thehindubusinessline.com/industry-and-economy/banking/pm-unveils-mudra-bank-to-facilitate-credit-to-very-small-businesses/article7080570.ece |archive-url=https://archive. | '''Micro Units Development and Refinance Agency Bank''' (or '''MUDRA Bank''')<ref>{{Cite news|url=http://infnd.com/pradhan-mantri-mudra-yojana-bank-loan-in-hindi/|title=Pradhan Mantri Mudra Yojana (Mudra Loan)|work=Infnd|language=en-US}}</ref>) is a [[public sector]] financial institution in [[India]]. It provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs. It was launched by [[Prime Minister of India|Prime Minister]] [[Narendra Modi]] on 8 April 2015.<ref name=CheaperFinance>{{cite news|title=MUDRA to help 5.7 crore very small businesses access cheaper finance |url=http://www.thehindubusinessline.com/industry-and-economy/banking/pm-unveils-mudra-bank-to-facilitate-credit-to-very-small-businesses/article7080570.ece |archive-url=https://archive.today/20150409130155/http://www.thehindubusinessline.com/industry-and-economy/banking/pm-unveils-mudra-bank-to-facilitate-credit-to-very-small-businesses/article7080570.ece |url-status=dead |archive-date=9 April 2015 |accessdate=9 April 2015 |work=[[The Hindu Business Line]] |date=8 April 2015 }}</ref > | ||
==Overview== | ==Overview== | ||
The formation of the agency was initially announced in the [[2015 Union budget of India]] in February 2015.<ref name=PIBMudra/><ref name=MSMEsector>{{cite news|title=MUDRA Bank holds promise for MSME sector|url=http://www.thehindu.com/news/cities/Visakhapatnam/mudra-bank-holds-promise-for-msme-sector/article6971325.ece |work=[[The Hindu]]|date=8 March 2015}}</ref> It was formally launched on 8 April.<ref name=CheaperFinance/> | The formation of the agency was initially announced in the [[2015 Union budget of India]] in February 2015.<ref name=PIBMudra/><ref name=MSMEsector>{{cite news|title=MUDRA Bank holds promise for MSME sector|url=http://www.thehindu.com/news/cities/Visakhapatnam/mudra-bank-holds-promise-for-msme-sector/article6971325.ece |work=[[The Hindu]]|date=8 March 2015}}</ref> It was formally launched on 8 April.<ref name=CheaperFinance/> | ||
The MUDRA banks were set up under the Pradhan Mantri MUDRA Yojana scheme. It will provide its services to small entrepreneurs outside the service area of regular banks, by using | The MUDRA banks were set up under the Pradhan Mantri MUDRA Yojana scheme. It will provide its services to small entrepreneurs outside the service area of regular banks, by using last mile agents. About 5.77 [[crore]] (57.6 [[million]]) small business have been identified as target clients using the [[National Sample Survey Organisation|NSSO]] survey of 2013. Only 4% of these businesses get finance from regular banks. The bank will also ensure that its clients do not fall into indebtedness and will lend responsibly.<ref name=PIBMudra>{{cite news|title=Micro Units Development and Refinance Agency (Mudra) Bank|url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=116209 |work=[[Press Information Bureau]]|date=1 March 2015}}</ref><ref name=10Things>{{cite news|title=11 things you must know about Mudra Bank|url=http://www.dnaindia.com/money/report-11-things-you-must-know-about-mudra-bank-2075665 |work=[[DNA India]]|date=8 April 2015}}</ref> | ||
MUDRA has been initially formed as a wholly owned subsidiary of Small Industries Development bank of India (SIDBI) with 100% capital being contributed by it. Presently, the authorized capital of MUDRA is 1000 crores and paid up capital is 750 crore, fully subscribed by SIDBI.<ref>{{Cite web|title=Genesis and Role of MUDRA|url=https://www.mudra.org.in/AboutUs/Genesis#:~:text=MUDRA%20has%20been%20initially%20formed,crore,%20fully%20subscribed%20by%20SIDBI.|access-date=2021-06-05|website=www.mudra.org.in}}</ref> More capital is expected to enhance the functioning of MUDRA. | MUDRA has been initially formed as a wholly owned subsidiary of Small Industries Development bank of India (SIDBI) with 100% capital being contributed by it. Presently, the authorized capital of MUDRA is 1000 crores and paid up capital is 750 crore, fully subscribed by SIDBI.<ref>{{Cite web|title=Genesis and Role of MUDRA|url=https://www.mudra.org.in/AboutUs/Genesis#:~:text=MUDRA%20has%20been%20initially%20formed,crore,%20fully%20subscribed%20by%20SIDBI.|access-date=2021-06-05|website=www.mudra.org.in}}</ref> More capital is expected to enhance the functioning of MUDRA. | ||
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* [[Small Industries Development Bank of India]] | * [[Small Industries Development Bank of India]] | ||
* [[Financial inclusion]] | * [[Financial inclusion]] | ||
*[https://investingfinances.com/e-mudra-loan/ e MUDRA Loan interest rates] | |||
==References== | ==References== | ||