MUDRA Bank: 11 Facts to Know

How is Mudra set up?

The bank launched by the Prime Minister, Mudra is being set up through a statutory enactment. Mudra Bill will be brought into the Parliament within 6-12 months and it will incorporate the provisions of the Micro Finance Institutions (MFI) Bill. It has been registered as a company and an NBFC under the Reserve bank of India. The bank will be responsible for developing and refinancing through a Pradhan Mantri MUDRA Yojana.

Last mile financiers:

The Prime Minister says that combination of integrity with capital is the key to success for small entrepreneurs. The MUDRA Yojana was brought in by the PM himself to support the small entrepreneurs of India is the biggest way to help the country’s economy grow and prosper. Last mile financers are those local financiers who would collaborate with Mudra Bank to lend a helping hand to the small scale entrepreneurs which are often cut off from the banking system because of limited branches.

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