Important Points About MUDRA Bank

Dear Readers, As we know, IBPS 2015 examinations are approaching in upcoming week so we are providing a post of Important Points About MUDRA Bank that will help to boost your score in IBPS PO/Clerk examination. 

MICRO UNITS DEVELOPMENT & REFINANCE AGENCY (MUDRA) BANK

Headquarters - New Delhi
Announcement - February 2015, in Union Budget of India 2015 by Finance Minister Arun Jaitley.
Launched on - April 2015 by Prime Minister Narendra Modi
Chief Executive Officer (CEO) - Mr. Jiji Mammen , previously worked as the Chief General Manager of NABARD.

IMPORTANT THINGS TO KNOW: 

1.) MUDRA bank is a public sector financial institution that provides loans at low rates to microfinance institutions and non-banking financial institutions.

2.) This bank comes under the Pradhan Mantri MUDRA Yojana scheme to provide services to small entrepreneurs outside the service area of regular banks. 

3.) Initial capital fund allotted for the bank is 20,000 crore.

4.) Credit guarantee fund is 3000 crore. 

5.) Initially the bank functions as non-banking financial company and a subsidiary of the Small Industries Development Bank of India(SIDBI).

6.) Will act as a regulator for the micro finance institutions(MFI), providing refinancing services and guidelines to MFI. 

7.) MUDRA bank classifies its customers in 3-categories.
 Shishu – can avail loans upto Rs.50,000
 Kishore – can avail loans upto Rs.5,00,000
 Tarun – can avail loans upto Rs.10,00,000

8.) Additional fund of Rs.1,22,000 crore was allotted to MUDRA increasing the percentage of loans provided to its customers as follows.
 40% to Shishu
 35% to Kishore
 25% to Tarun

9.) Customers who are eligible to avail loans from MUDRA bank are as follows.
 Small manufacturing units
 Shopkeepers
 Fruits or vegetable vendors
 Artisans
 First Bank To start Mudra cards.
...Corporation bank( HQ Mangalore)

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