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Corporation Bank launched the MUDRA card based on the RuPay platform on Saturday. The card facilitates the withdrawal and use of the working capital finance by micro entrepreneurs.
Hasmukh Adhia, Secretary, Department of Financial Services, Union Ministry of Finance, presiding over the function, formally launched the first MUDRA card under the Pradhan Mantri MUDRA Yojana (PMMY) at a function held in the head office of Corporation Bank in Mangaluru.
PMMY aims to ‘fund the unfunded’ and ‘formalise the informal’ under non-farm micro units in manufacturing, trading and services with affordable credit up to ₹10 lakh.
Under PMMY, three loan schemes are offered to the entrepreneurs based on their capacity to repay. ‘Shishu’ scheme provides loan up to ₹50,000. An amount of up to ₹5 lakh will be lent under ‘Kishore’ scheme. ‘Tarun’ scheme offers loan up to ₹10 lakh.
The release said that Adhia also launched a high-tech paperless point-of-sales terminal and ‘Remit to India’ portal for inward remittance by NRIs as part of the Digital India programme.
SR Bansal, Chairman and Managing Director of the bank, and Bibhas Kumar Srivastav, Executive Director, were present at the function.
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