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MUDRA Yojana’s 10th Anniversary celebrated by Government of India

The Prime Minister Narendra Modi on 8th April extended his heartfelt congratulations to the beneficiaries of the Pradhan Mantri MUDRA Yojana (PMMY) as the nation marks 10 Years Of MUDRA Yojna. Over this decade, Mudra Yojana has turned several dreams into reality, empowering people who were previously overlooked with the financial support to shine.It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC Communities, and over 70% of the beneficiaries are women! Every Mudra loan carries with it dignity, self-respect and opportunity. In addition to financial inclusion, this scheme has also ensured social inclusion and economic freedom.

MUDRA Purpose :

It’s basic purpose is to attain development in an inclusive and sustainable manner by supporting and promoting partner institutions and creating an ecosystem of growth for micro enterprises sector.

MUDRA Mission :

Its mission is to create an inclusive, sustainable and value based entrepreneurial culture, in collaboration with our partner institutions in achieving economic success and financial security.

MUDRA Vision :

To be an integrated financial and support services provider par excellence, benchmarked with global best practices and standards, for the bottom of the pyramid universe for their comprehensive economic and social development.

What is MUDRA :

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. The purpose of MUDRA is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.

Why MUDRA has been set up :

The biggest bottleneck to the growth of entrepreneurship in the Non–Corporate Small Business Sector (NCSBS) is lack of financial support to this sector. More than 90% of this sector does not have access to formal sources of finance. GoI is setting up MUDRA Bank through a statutory enactment for catering to the needs of the NCSBS segment or the informal sector for bringing them in the mainstream.

Roles and responsibilities of MUDRA :

MUDRA would be responsible for refinancing all Last Mile Financiers such as Non-Banking Finance Companies, Micro Finance Institutions, Societies, Trusts, Section 8 Companies [formerly Section 25], Small Finance Banks and Regional Rural Banks which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities as well as agri-allied activities. MUDRA would also partner with State/Regional level financial intermediaries to provide finance to Last Mile Financier of small/micro business enterprises.

Offerings of Mudra :

Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has already created its initial products / schemes. The interventions have been named ‘Shishu’, ‘Kishor’ , ‘Tarun’ and ‘Tarun Plus’ to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also to provide a reference point for the next phase of graduation / growth to look forward to. The financial limit for these schemes are:-

  • a. Shishu : covering loans upto 50,000/-
  • b. Kishor : covering loans above 50,000/- and upto 5 lakh
  • c. Tarun : covering loans above 5 lakh to 10 lakh
  • d. Tarun Plus : covering loans above 10 lakh to 20 lakh (for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category).

MUDRA’s delivery channel is conceived to be through the route of refinance primarily to Banks/NBFCs/MFIs. At the same time, there is a need to develop and expand the delivery channel at the ground level. In this context, there is already in existence, a large number of ‘Last Mile Financiers’ in the form of companies, trusts, societies, associations and other networks which are providing informal finance to small businesses.

MUDRA is a refinancing Institution. MUDRA does not lend directly to the micro entrepreneurs / individuals. Mudra loans under Pradhan Mantri Mudra Yojana (PMMY) can be availed of from nearby branch office of a bank, NBFC, MFIs etc. Borrowers can also now file online application for MUDRA loans on Udyamimitra portal.

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