PM Modi to launch Rs 20,000 crore Mudra Bank Wednesday

07 April, New Delhi

Prime Minister will launch Micro Units Development and Refinance Agency Ltd, MUDRA Bank tomorrow ,Wednesday at a function in New Delhi. The Bank will be created with a corpus of Rs 20,000 crore and credit guarantee corpus of Rs 3,000 crore.

It will be set up through a statutory enactment, and be responsible for developing and refinancing all Micro-finance Institutions which are in the business of lending to micro and small business entities.

MUDRA will also partner with state and regional level coordinators to provide finance to Last Mile Financiers of small and micro business enterprises. Around 5.77 crore small business units will be provided access to institutional finance through MUDRA Bank.