Money & Banking

MUDRA refinancing touches ₹1,500 cr so far this fiscal

Our Bureau Kolkata | Updated on January 19, 2018

Kolkata, Date: 12/01/2016.Jiji Mammen, CEO, Mudra Bank.Photo: Ashoke Chakrabarty   -  Ashoke Chakrabarty

Public sector banks receive around ₹800-cr refinance, says CEO



The Micro Units Development and Refinance Agency (MUDRA), set up to provide credit to micro and small units, has so far refinanced ₹1,500 crore, mostly to public sector banks and micro-finance institutions (MFIs).

Loans were disbursed by banks and MFIs under the Pradhan Mantri MUDRA Yojana (PMMY).

According to Jiji Mammen, CEO, MUDRA, around ₹800 crore has been refinanced to public sector banks.

“In the first nine months since our inception, refinancing has been done to the tune of ₹1,500 crore, mostly to public sector banks and MFIs,” he told newspersons on the sidelines of the Eastern India Microfinance Summit 2016.

Some of the refinanced banks include Bank of Maharashtra, Indian Overseas Bank and State Bank of Travancore.

Disbursements

According to Mammen, disbursements of ₹75,000 crore have been made till December last year under the PMMY scheme; the target for this fiscal is ₹1.22 lakh crore.

Disbursals have been made to around 1.73 crore beneficiaries, of which 50 per cent are new units and the remaining half existing ones for the purpose of expansion. Loans under the scheme fall under three categories: Shishu loans up to ₹50,000; Kishor loans between ₹50,001 and ₹5 lakh; and Tarun loans, ₹5-10 lakh. Shishu loans are for small businesses, while Kishor and Tarun are for larger ones.

To make the MUDRA scheme more attractive, the Centre has cleared the setting up of a ₹3,000-crore Credit Guarantee Fund for these loans.

This will provide insurance against default on MUDRA loans to a maximum of 50 per cent.

Published on January 12, 2016

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