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Stakeholders meet on 25th to discuss setting up of Mudra Bank

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arun_jaitelyThe first meeting of all stakeholders, including MSME and microfinance institutions, to discuss formalisation of structure of the Rs 20,000-crore Micro Units Development and Refinance Agency (Mudra) Bank will be held on March 25.

Mudra Bank as proposed in the Union Budget 2015-16 will be providing access to institutional finance to micro or small business units and act as a regulator for microfinance institutions (MFIs).

The Finance Minister Arun Jaitley proposed to set up Mudra Bank through a statutory enactment.

Mudra Bank will operate through regional level financing institutions who in turn will connect with last mile lenders such as MFIs, Small Banks, Primary Credit Cooperative Societies, Self Help Groups (SHGs), NBFC (other than MFI) and other lending institutions.

MUDRA Bank will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana (PMMY). In lending, priority will be given to SC/ST enterprises.

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