NAME : Pradhan Mantri Mudra Yojana.
MUDRA = Micro Units Development & Refinance Agency Ltd (MUDRA)
TYPE OF YOJANA : This is a yojana to provide Loans to the non-corporate, non-farm small and micro enterprises who are normally out of banking sector through out India.
MINISTRY : Department of Financial Services. Ministry of Finance
WEBSITE : https://www.mudra.org.in
PURPOSE : Main purpose of MUDRA has been developing the micro enterprise sector in the country by extending various support including financial support in the form of refinance, so as to achieve the goal of funding the unfunded.
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Purpose of this yojana is to provide finance up to Rs.10 lakhs to the small and petty businessmen –women which include small traders, vegetable & fruit vendors, small service providers like Tailors, Laundrymen, Plumbers, Electricians, Vehicle Mechanics, Passenger & Goods Transporters etc. in all estimated at around 10 crore persons.
STRUCTURE : To implement this yojana MUDRA ( Micro Units Development & Re-Finance Agency Ltd. ) a wholly owned Non Banking Finance Company ( NBFC) was incorporated under Companies Act by Modi Government.
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Actual funding work under this yojana is handled by all branches of all Nationalised Banks, 18 private banks 31 Regional Rural banks ( RRBs ) , 14 Co-operative Banks, 47 Micro Finance Service Institutions ( MFIs) and 31 Non Banking Finance Companies ( NBFC). Thus all branches of these around 190 financial institutions provide a very wide coverage through out India.
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The Mudra Bank provides re-finance to these banks at verylow rate. Mudra bank provides special packages for Mudra loans advanced to Women and Self Help Groups of women. The Mudra Bank also provides continuous monitoring support to this yojana through Mudra Yojana Portal.
LAUNCHING DETAILS : Hon’ble Prime Minister launched this Yojana at a function held at Vigyan Bhavan, New Delhi on 8th April, 2015.
HOW TO APPLY : Any Indian who is between age group of 18 to 60 years can apply for this loan. The Documents required for Mudra Loan are very simple and include Mudra Loan Application, Photo ID ( Adhar Card ) , 2 Passport Size photographs, Address Proof, Income Proof, Bank Statements for previous 6 months.
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Under this yojana three products are created. These products have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth / development and funding needs of the beneficiary.
These products are :
—- Shishu : covering loans upto 50,000/-
—- Kishor : covering loans above 50,000/- and upto 5 lakh
—- Tarun : covering loans above 5 lakh and upto 10 lakh - Main focus is given to Shishu Category Units and then Kishor and Tarun Categories.
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Within the framework and overall objective of development and growth of micro enterprises sector under Shishu, Kishor and Tarun, the products being offered by MUDRA are so designed, to meet requirements of different sectors / business activities as well as business / entrepreneur segments.
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The funding support from MUDRA to the lending institutions are of four types :
—- Micro Credit Scheme (MCS) for loans upto 1 lakh finance through MFIs.
—- Refinance Scheme for Commercial Banks / Regional Rural
—- Banks (RRBs) / Scheduled Co-operative Banks
—- Women Enterprise programme
—- Securitization of loan portfolio
BENEFICIARIES : Till date total 14 crore 62 Lac persons have been given loans under this yojana. Thus if we consider the family members of these Borrowers the total beneficiaries of this yojana are around 50 Crore Indians.