News PM Modi launches MUDRA Bank, expected to benefit 5.77 crore micro-finance institutions in India

[Deepu]

Prime Minister Narendra Modi on Wednesday launched MUDRA Bank under Pradhan Mantri Jan Dhan Yojana. This will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for 'Micro-Finance Institutions' (MFIs).

"Big industrial houses provide jobs to only 1.25 crore people, while small entrepreneurs employ 12 crore people. MUDRA Bank aims to fund the unfunded small entrepreneurs; need to strengthen savings habit in the country," Modi said.

"Farmers are going through various problems due to seasonal calamities. We have told banks and insurance companies to provide help," he added.

PM Modi launches MUDRA Bank, expected to benefit 5.77 crore micro-finance institutions in India - IBNLive

 

[XPosed]

It's better to work to make existing services better than to start 100's of new new schemes daily

 

[Devesh]

But this bank is beneficial for farmers....

 

[IndianMascot]

Sound like a good scheme for small businessman.

Hope they charge less rate of interest than other banks.

 

[Sanjeev]

So something good for farmers

 

[DashMajor]

Not only for Farmers but it will be beneficiary in small business too.

 

[whitebunny]

in other words creating more small scale industries and job opportunities.

 

[Technoglitch]

Devesh also would be suitable for his new ventures under this scheme.

 

[IndianMascot]

He is a big businessman not so small to get just 10 lac of loan

 

[XPosed]

What does Devesh bro do?