》MUDRA stands for Micro Units Development Refinance.
》MUDRA Bank has been set up through a statutory enactment. It it's responsible for Development and refinancing through Pradhan Mantri MUDRA Yojna.
》It will partner with local coordinators and provide finance to ' Last Mile Financiers' of micro businesses.
》It has been targeted towards main streaming young, educated or skilled workers and entrepreneurs including women entrepreneurs.
》This bank will nurture small businesses through different stages of growth and development of businesses termed as Shishu (when the business is just starting. Loan cover in this stage will be upto Rs 50,000), Kishor (Loan cover ranging from Rs 50,000 to 5 lakh) and Tarun (Loan cover upto 10 lakh).
》Launched on 8 April, 2015 by the Prime Minister, the MUDRA Bank was proposed In budget 2015-16 with an initial corpus of Rs 20,000 crore and a credit guarantee fund of Rs 3,000 crore.
