What is the MUDRA SCHEME ?

MUDRA(Micro Units Development and Refinance Agency)SCHEME-

MUDRA stands for Micro Units Development and Refinance Agency. It was started on 8th April 2015.
Under this scheme, MUDRA Bank was set up on this date. MUDRA Bank is functioning under SIDBI (Small Industries Development Bank of India), whose headquarter is in LUCKNOW. It is funded by the
government and it provides loan to the banks and financial institutions which further provide loan for the
purpose of setting up micro enterprises. Hence, MUDRA Bank is termed as a re-finance agency. MUDRA
bank was set up with the capital investment of 20,000 crore rupees and with an additional credit guarantee corpus of Rs. 3000 crores.

Under the MUDRA scheme, three types of loan can be given to the borrowers:
1. If the amount is of upto 50,000 it is termed as Sishu.
2. If the amount is of more than 50,000 and upto Rs.5 lakh, it is termed as Kishor.
3. If the amount is of more than 5 lakh and upto 10 lakh, it is termed as Tarun.

MUDRA Yojna is aimed at promoting self-employment. Since, micro and small enterprises are labour intensive they may create more and more employment opportunities. Under MUDRA Yojna in order to borrow no collateral is required. So the rate of default remained high. Hence, the scheme did not succeed
the way it was expected.

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