Key features of Mudra Yojana
India’s PM Narendra Modi has launched the Mudra Yojana so that the small or micro units can be benefitted. The main target of the Mudra yojana is to give upiftment to the poor people in terms of the loan. It will also provide guideline so that they can upgrade themselves in the most easiest and fruitful way. Here are some of the key features that one must know about the Mudra bank.
- What does it mean? – MUDRA stands for Micro Units Development Refinance Agency. It means the main initiative of the scheme is to help the poor sectors who require a loan for maintaining their business. Mudra in other words also means money in Hindi. It means money for the poor people.
- Setting up- The bank has been set up under the Pradhan Mantri Mudra Yojana and it is truly responsible for supporting the poor sectors.
- Last mile financers- As it is very true that the small businesses are always deprived of getting bank loans as they are having limited capital and assets. Hence, the Mudra Bank will co-ordinate with the local financers so that the small business units can be provided with the support that they need.
- Targets- Ministry of Finance said that the main target of the Mudra is to target the young and educated, but small units that are about to make some major changes in the Indian economy. It will also look after the businesses that are controlled by the women and give some special advices and financial help to them.
- Total number of business units- The bank will look after 5.77 crores of small business units that are divided all across India. These units are not getting the basic banking facilities. Hence, the Mudra bank will look after and support these units financially.
- Recovery method- The bank will also look after the welfare of its clients and it will make sure the clients are protected. Furthermore, it will also look after whether the clients are following the rules or not and in case of any defaulter, the bank will investigate the whole scenario and accordingly it will take the decisions.
- Schemes- There are three schemes under the bank, namely Shishu, Kishor and Tarun. These three schemes are meant for three kinds of businesses depending upon their needs and their development
The Mudra Bank will not only support the small business units financially, but also it will provide some useful suggestions so that the business can run through least stress periods and more profit can be gained.
There is an expert panel that advice what is best for business and what the things that must be kept in mind are while trying to develop a business.
It will also help the customers so that they can build a stable and suitable framework provided with the required networks. The expert panel will also suggest the customers, which place is suitable for what kind of business. It will give the customers a clear cut vision if they are getting confused.