Modi launches MUDRA Bank |
Prime Minister Narendra Modi launched the MUDRA Bank on April 8 to support small entrepreneurs and called it the biggest way to help the Indian economy grow and prosper. Stressing the contribution of small entrepreneurs in the economy, the PM expressed confidence that within a year`s time, major banks would also adopt the MUDRA (Micro Units Development Refinance Agency) model. Finance Minister Arun Jaitely had announced setting up of the MUDRA Bank in his 2015-16 budget unveiled in February. The bank has been conceived to help bottom-of-the-pyramid entrepreneurs who find it difficult to access the formal credit system. Under the Pradhan Mantri Mudra Yojana, micro entrepreneurs will be sanctioned loans ranging from Rs 50,000 to Rs 10 lakh.
|
|
|
|