- By Alpesh Parmar , Veraval ( Gir Somnath )


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Wednesday, 13 May 2020


Many good efforts are being made by the present visionary Prime Minister to brighten the future of India. The full name of Mudra Bank is Micro Units Development and Refinance Agency (Mudra), which was started to promote youth and small scale industries in India. Which has been started under Pradhan Mantri Mudra Yojana. Presenting the general budget during the 2017 budget session, Finance Minister Arun Jaitley, while understanding the inevitability of a currency bank, said,

Inclusive growth can only be built through development. While large-scale corporate and business companies will play a key role in this direction, the informal sector enterprises will fill the gap, creating maximum employment overall. There are about 25 million privately owned small business units engaged in small manufacturing, trading or service business. These types of trading units play a very important role. Of course, hard working entrepreneurs face a lot of difficulties if they do not get proper help from the formal lending system. Therefore, I propose to set up a Micro Units Development Refinance Agency (Mudra) Bank with a capital of Rs. 30,000,000 crore and a guaranteed loan of Rs. 5,000 crore.

Why the need for a plan

The formal banking system is beyond the reach of people in rural and remote areas of India. Because of this, when such people have to start a small business, they take money from local lenders at interest and then not only can they improve their business by getting entangled in the vicious cycle of interest, but on the contrary, they themselves fall into the cycle of poverty. On the other hand, our youth have many ambitions and skills. But due to lack of money, they are reluctant to start any such industry due to their skills. To address this situation effectively, a good currency bank was set up so that small units could not stop moving due to lack of funds.

The format of the plan

The scheme is divided into three main aspects:

Infants in which a loan of Rs 50,000 can be obtained.
Adolescents who can get a loan of Rs 50,000 to Rs 5 lakh.
Loans ranging from Rs 5 lakh to Rs 10 lakh can be availed. Any Indian citizen who is involved in various sectors like manufacturing, processing, trade, service can get a loan under the above three aspects.
Objectives of Mudra Bank:
Giving stability to small investors, entrepreneurs through micro loans.
Assist microfinance institutes and small businesses, retailers, self-help groups-individuals lending agencies.
To register all the micro finance institutes and introduce the practice of performance rating (performance appraisal) so as to improve the efficiency of such institutions and create opportunities for healthy competition among them, which directly benefits the borrowers.
Provide proper methodological guidance to the borrowers, units, institutions so that they can avoid business failure and stop defaulting.

Preparation of standardized regulatory letters, which will prove to be a very important step for small businesses in the future.

Future program
Currency card
Portfolio Credit Guarantee
Credit enhancement

At present, the scheme covers only areas like land, transport, community, social and personal services, food production, textiles, and many more new sectors will be added in the future, which gives a lot of opportunities to new industries. Small traders, businessmen will take advantage of this scheme and reach the pinnacle of success.

Mudra Yojana has benefited 2.5 crore poor people in the year 2016-17. We are going to double the budget for this scheme this year.

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