MUDRA loan in West Bengal
Mudra is aimed to empower them so that they can thrive in their businesses and make the country prosper economically. There are many angles and views to this Yojana which are all dedicated to provide for and empower the business sector.
The need for MUDRA Yojana in West Bengal
According to the economists, the growth of the country depends upon the privately owned businesses. If these are empowered and made to prosper then the financial stability will return in the country. Also, the employment scenario will improve. This is why the government has taken steps not only to provide for loans via MUDRA scheme, but also to give tips and guidance to the new entrepreneurs so that they can make their businesses thrive and not become a liability for the government in future.
MUDRA loans are highly essential for the budding entrepreneurs and not only that, but given the huge potential for business success in West Bengal, the MUDRA loans can become a significant game changer in the scenario here.
What is this scheme all about?
This bank was also proposed to have a credit corpus guarantee of 3000 crore.
This bank or scheme was then supposed to be developed through a statutory enactment. It would be responsible for the development and refinancing of the Micro Finance Institutions or MFIs. Since the MFIs are in the business where they lend to the newly opened businesses or to entrepreneurs of small and medium scale, the MUDRA banks will be providing the loans to the same.
So any business which is dealing in trading, manufacturing or service sector, can now obtain loan directly from the government and this scheme will then be known as “Pradhan Mantri MUDRA Yojana”.
What exactly does it offer?
The main products of MUDRA will be covered under the categories named as ‘Shishu’, ‘Kishor’ and ‘Tarun’. These three products will be based on the stage of growth that the micro unit is currently at. It will also set a bar for the next stage of development of the beneficiary of the micro unit.
There are at present several different types of small and medium units in West Bengal. All of these businesses are at different stages of growth. Based on their individual position, they can obtain the loans up the following mark:
- Shishu: up to 50,000 INR.
- Kishor: above 50,000 and below 5 lakh INR.
- Tarun: above 5 lakh and up to 10 lakh INR.
So anyone from these sectors in the rural or urban areas can apply for the MUDRA loan. But the highest payable loan amount will be 10 lakh.
As we know there are so many hawkers, shop owners and micro unit businesses in West Bengal, it can support them in more ways than one.
Support for the entrepreneurs
Many times the entrepreneurs require more than just financial assistance. They need guidance to keep their businesses working and on track. The Government is trying their best to provide with all the necessary facilities to the new entrepreneurs.
Among the roles of the MUDRA Yojana, one is to empower the business owner so that the money which has been lent is utilized fully so make the business a success. This way the money does not become a liability on the government and the businesses can thrive as well, providing development of all.
How MUDRA bank is unique
The uniqueness of MUDRA banks lies on several factors:
- Since independence, it is the only scheme to provide some assistance to the private sector
- 77 crore small business units are providing for more than 12 crore people in this country and MUDRA yojana is the only government scheme that can back them up
- It will also act as a regulatory body for all the Micro Financing Institutions
- It will join hands with the government of state to provide the last mile credit delivery
This means that more and more people can now join hands from the state level to start up their businesses using the MUDRA scheme.
How MUDRA has helped West Bengal so far?
Uttarayan Financial Services Pvt. Ltd a West Bengal based MFI has already submitted a proposal for sanction and they have received a positive responses from the government. Many such other proposals are underway for being sanctioned and that is a positive aspect.