PM Launches MUDRA Bank; to Target Rs 50,000 to 10 lakh Loan Size

The Prime Minister Mr. Narendra Modi launched the Micro Units Development & Refinance Agency Ltd (MUDRA) to cater to the financial needs of over fifty million self-employed people. ‘Mudra will build on the only capital that fifty million landless self-employed people have: trust’, Modi said. The Initial products launched under the Pradhan Mantri Mudra Yojna are in three categories: Shishu- covering loan size up to Rs. 50,000; Kishore loan sizes from Rs. 50,000 to Rs. 5 lac and Tarun for loan sizes from Rs. 5 lac to Rs. 10 lac. At least 60% of the loans has been earmarked for loans sizes up to Rs. 50,000.