The Cabinet approved conversion of MUDRA Ltd, an NBFC, into MUDRA Bank and also setting up of a Credit Guarantee Fund for loans disbursed under the Pradhan Mantri Micro Units Development Refinance Agency (MUDRA) Yojana.
Prime Minister Narendra Modi cleared creation of a Credit Guarantee Fund for MUDRA loans and to convert MUDRA Ltd into MUDRA Small Industries Development Bank of India (SIDBI) Bank as a wholly owned subsidiary of SIDBI
The MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management; data analysis etc apart from any other activity entrusted or advised by Government of India.
The Credit Guarantee Fund is expected to guarantee more than Rs 1 lakh crore worth of loans to micro and small units in the first instance, it said, adding it will help in reducing risk taken by banks and financial institutions in case of default under the scheme.
A Credit Guarantee Fund for MUDRA units for guaranteeing loans -- sanctioned under the scheme with effect from April 8, 2015 -- will be set up.
The National Credit Guarantee Trustee Company Ltd, a wholly-owned company of Government of India, constituted under the Companies Act to manage and operate various credit guarantee funds, shall be the Trustee of the Fund.
The guarantee would be provided based on a portfolio basis to a maximum extent of 50 per cent of amount in default in the portfolio.
Three products available under the PM MUDRA Yojana are Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.
Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.
MUDRA Bank and a Credit Guarantee Fund was proposed to be set up with a refinance corpus of Rs 20,000 crore and a corpus of Rs 3,000 crore respectively in the Budget 2015-16.
As a precursor to the launch of the Pradhan Mantri MUDRA Yojana in April 2015, MUDRA Ltd was set up as a corporate subsidiary of SIDBI in March 2015.
The RBI has allocated Rs 20,000 crore and the first tranche of Rs 5,000 crore has been received by MUDRA as refinance.
Prime Minister Narendra Modi cleared creation of a Credit Guarantee Fund for MUDRA loans and to convert MUDRA Ltd into MUDRA Small Industries Development Bank of India (SIDBI) Bank as a wholly owned subsidiary of SIDBI
The MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management; data analysis etc apart from any other activity entrusted or advised by Government of India.
The Credit Guarantee Fund is expected to guarantee more than Rs 1 lakh crore worth of loans to micro and small units in the first instance, it said, adding it will help in reducing risk taken by banks and financial institutions in case of default under the scheme.
A Credit Guarantee Fund for MUDRA units for guaranteeing loans -- sanctioned under the scheme with effect from April 8, 2015 -- will be set up.
The National Credit Guarantee Trustee Company Ltd, a wholly-owned company of Government of India, constituted under the Companies Act to manage and operate various credit guarantee funds, shall be the Trustee of the Fund.
The guarantee would be provided based on a portfolio basis to a maximum extent of 50 per cent of amount in default in the portfolio.
Three products available under the PM MUDRA Yojana are Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.
Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.
MUDRA Bank and a Credit Guarantee Fund was proposed to be set up with a refinance corpus of Rs 20,000 crore and a corpus of Rs 3,000 crore respectively in the Budget 2015-16.
As a precursor to the launch of the Pradhan Mantri MUDRA Yojana in April 2015, MUDRA Ltd was set up as a corporate subsidiary of SIDBI in March 2015.
The RBI has allocated Rs 20,000 crore and the first tranche of Rs 5,000 crore has been received by MUDRA as refinance.
The Cabinet approved conversion of MUDRA Ltd, an NBFC, into MUDRA Bank and also setting up of a Credit Guarantee Fund for loans disbursed under the Pradhan Mantri Micro Units Development Refinance Agency (MUDRA) Yojana.
Prime Minister Narendra Modi cleared creation of a Credit Guarantee Fund for MUDRA loans and to convert MUDRA Ltd into MUDRA Small Industries Development Bank of India (SIDBI) Bank as a wholly owned subsidiary of SIDBI
The MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management; data analysis etc apart from any other activity entrusted or advised by Government of India.
The Credit Guarantee Fund is expected to guarantee more than Rs 1 lakh crore worth of loans to micro and small units in the first instance, it said, adding it will help in reducing risk taken by banks and financial institutions in case of default under the scheme.
A Credit Guarantee Fund for MUDRA units for guaranteeing loans -- sanctioned under the scheme with effect from April 8, 2015 -- will be set up.
The National Credit Guarantee Trustee Company Ltd, a wholly-owned company of Government of India, constituted under the Companies Act to manage and operate various credit guarantee funds, shall be the Trustee of the Fund.
The guarantee would be provided based on a portfolio basis to a maximum extent of 50 per cent of amount in default in the portfolio.
Three products available under the PM MUDRA Yojana are Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.
Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.
MUDRA Bank and a Credit Guarantee Fund was proposed to be set up with a refinance corpus of Rs 20,000 crore and a corpus of Rs 3,000 crore respectively in the Budget 2015-16.
As a precursor to the launch of the Pradhan Mantri MUDRA Yojana in April 2015, MUDRA Ltd was set up as a corporate subsidiary of SIDBI in March 2015.
The RBI has allocated Rs 20,000 crore and the first tranche of Rs 5,000 crore has been received by MUDRA as refinance.
Prime Minister Narendra Modi cleared creation of a Credit Guarantee Fund for MUDRA loans and to convert MUDRA Ltd into MUDRA Small Industries Development Bank of India (SIDBI) Bank as a wholly owned subsidiary of SIDBI
The MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management; data analysis etc apart from any other activity entrusted or advised by Government of India.
The Credit Guarantee Fund is expected to guarantee more than Rs 1 lakh crore worth of loans to micro and small units in the first instance, it said, adding it will help in reducing risk taken by banks and financial institutions in case of default under the scheme.
A Credit Guarantee Fund for MUDRA units for guaranteeing loans -- sanctioned under the scheme with effect from April 8, 2015 -- will be set up.
The National Credit Guarantee Trustee Company Ltd, a wholly-owned company of Government of India, constituted under the Companies Act to manage and operate various credit guarantee funds, shall be the Trustee of the Fund.
The guarantee would be provided based on a portfolio basis to a maximum extent of 50 per cent of amount in default in the portfolio.
Three products available under the PM MUDRA Yojana are Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.
Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.
MUDRA Bank and a Credit Guarantee Fund was proposed to be set up with a refinance corpus of Rs 20,000 crore and a corpus of Rs 3,000 crore respectively in the Budget 2015-16.
As a precursor to the launch of the Pradhan Mantri MUDRA Yojana in April 2015, MUDRA Ltd was set up as a corporate subsidiary of SIDBI in March 2015.
The RBI has allocated Rs 20,000 crore and the first tranche of Rs 5,000 crore has been received by MUDRA as refinance.