Pradhan asks banks to increase credit under Mudra Scheme
PTI Union Petroleum Minister Dharmendra Pradhan today urged banks to scale up disbursement of small loans under MUDRA scheme to the poor, youth and women entrepreneurs in neglected areas of Odisha. While reviewing the progress of implementation of MUDRA scheme in the state, Pradhan lamented the dismal performance of public sector banks (PSBs), regional rural banks (RRBs) and private banks in disbursing small loans in comparison to micro-finance institutions (MFIs) and NBFCs. Pradhan also set a target for banks to raise the flow of credit to poor entrepreneurs from the present 35 per cent to at least 45 per cent in 2016-17. Small loans of up to Rs 2 lakh is being disbursed under MUDRA scheme. In 2015-16, MUDRA loan disbursement was Rs 5,436 crore against ...
National policy for MSME to come out this year
The Dollar Business Bureau Ministry of Micro Small and Medium Enterprises (MSME) Minister Kalraj Mishra on Wednesday said the national policy for MSME, which is envisaged to boost the overall growth of the sector, will come out by the end of this year. Highlighting the two-year achievements of the MSME ministry, Mishra said his government has formed a one man committee, to complete all the recommendations by October 31, 2016. Mishra praised Prime Minister Narendra Modi for taking up schemes like MUDRA and Stand up India, which has significantly increased the number of MSMEs in the country. “The major achievement of the ministry is to come up with a Scheme of Revival and Rehabilitation of MSMEs. The scheme will start benefitting the MSMEs ...
Rs.50,000 crore loans given to small entrepreneurs: PM
Source: PTI Prime Minister Narendra Modi addressing the National Conference of Dalit Entrepreneurs, organised by the DICCI, in New Delhi on Tuesday Underlining that financial inclusion is the government’s core focus, Prime Minister Narendra Modi on Tuesday said banks have given loans worth Rs.50,000 crore to small entrepreneurs under the MUDRA Yojana. Addressing dalit entrepreneurs in New Delhi, he said: “80,000 borrowers have benefited from the scheme under which more than Rs.50,000 crore worth of loans have been given primarily to SC, ST, OBCs and women entrepreneurs who are engaged in small business and provide jobs to about 14 crore persons.” Speaking at the National Conference of SC/ST Entrepreneurs on B R Ambedkar's ideas and thoughts on industrialisation and entrepreneurship, Modi ...
NBFC-Micro Finance firms to play a key role in financial inclusion
The Dollar Business Bureau By increasing the income cap for the eligibility of a micro-loan borrower as well as the permissible total borrower indebtedness, the Reserve Bank of India (RBI) has indicated its strong support to non-banking financial companies – microfinance institutions ‘(NBFC-MFIs)’ role in financial inclusion. The new move is likely to significantly increase the potential market size without affecting borrowers’ servicing ability and improve operating efficiency of NBFC-MFIs, said a report by the rating agency, India Ratings & Research (Ind-Ra). This move could also be a precursor to expanding NBFC-MFIs’ role in financial inclusion if they maintain and strengthen their underwriting standards. Also, existing MFIs may be tempted to slow down their branch expansion in non-south states, ...
PM asks bankers to adapt micro finance models to local requirements
The Dollar Business Bureau The Prime Minister, Narendra Modi has asked the bankers to study the successful micro finance models being followed in other parts of the world and try to adapt them according to the local requirements. Speaking after the launch of the Pradhan Mantri Mudra Yojana aimed at funding the small entrepreneurs of India, Modi said that while there are a number of facilities provided for the large industries in India, there is a need to focus on 5 crore 75 lakh self-employed people who use funds of Rs 11 lakh crore, with an average per unit debt of merely Rs 17,000 to employ 12 crore Indians, reported a PIB release. The Prime Minister said that MUDRA ...
More than five crore small businesses to get access to institutional finance
The Dollar Business Bureau The Prime Minister of India, Narendra Modi, will be launching on Wednesday, the Micro Units Development and Refinance Agency Ltd (MUDRA) - a Bank that will help the small-scale enterprises. The information to this effect was provided by an official press release of the Ministry of Finance, Government of India. The MUDRA Bank, to be set up, will help all the Micro-Finance Institutions (MFI) involved in the process of extending financial support to the micro and small-scale enterprises. The scheme would be responsible for developing and refinancing all the MFIs involved in lending business to the micro business entities engaged in manufacturing, trading and service activities. MUDRA, which is coming as a financial and developmental support ...
