BANKING AFFAIRS

Detailed explanation-1: -MUDRA, which stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by Government of India for development and refinancing of micro units enterprises. It was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016.

Detailed explanation-2: -Pradhan Mantri Mudra Yojana under the Micro Units Development and Refinance Agency (MUDRA) Bank is a new institution being set up by Government of India for development and refinancing activities relating to micro units.

Detailed explanation-3: -MUDRA SCHEME DETAILS : Micro Unit Development and Refinance Agency Ltd (MUDRA) has been launched by Hon‟ble Prime Minister on 8th April 2015 as a new financial entity, for developing and refinancing as last mile financial intermediaries, like, Banks, NBFCs, Micro Financial Institution (MFI) etc.

Detailed explanation-4: -[MUDRA] is an NBFC supporting development of micro enterprise sector in the country. MUDRA provides refinance support to Banks / MFIs / NBFCs for lending to micro units having loan requirement upto 10 lakh. MUDRA provides refinance support to micro business under the Scheme of Pradhan Mantri MUDRA Yojana.

Detailed explanation-5: -Micro Units Development and Refinance Agency Bank (or MUDRA Bank)) is a public sector financial institution in India. It provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs. It was launched by Prime Minister Narendra Modi on 8 April 2015.