Make MUDRA An Independent Regulator: Traders Body

10 January, New Delhi

For the purpose of easy access to MUDRA loans, the traders body CAIT today urged Finance Minister Arun Jaitley to free MUDRA from the RBIs purview and make it as an independent regulator to lend the finances to the existing eco-system.

MUDRA was formed by the government to facilitate easy finance to last mile financiers which in turn will lend to actual borrowers since only four per cent of non corporate sector could able to obtain finances from core banking sector, said CAIT National President BC Bhartia & Secretary General Praveen Khandelwal in a statement.

Both Bhartia and Khandelwal expressed dismay over the delay in drafting a law for Mudra. About four months back a draft for Mudra was circulated in the core group set up by the government to draft legislation and certain amendments were suggested.

Unfortunately, since then no second meeting has taken place which is worrying the traders, said trade leaders.The traders body also said there is a