Mudra Bank panel to meet today to discuss draft Bill
Updated: Jun 25, 2015 02:41:57pm
Mumbai, June 25 (KNN) A government panel, entrusted with the task of setting up of Mudra Bank, will hold its second meeting in the capital today to discuss the draft Bill to set up the bank.
At Thursday's meeting to be held in New Delhi, the committee headed by Finance Ministry Joint Secretary Alok Tandon and comprising representatives of SIDBI, Nabard and the Indian Banks Association (IBA), among others, will discuss the draft Bill to set up the Mudra Bank, said Mudra Bank chief executive Jiji Mammen, who was in Mumbai to sign a general refinance agreement with the state-owned Dena Bank.
According to a media report, Mammen said Mudra Bank has already received a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI) and is registered under the Companies Act.
Once the draft is finalised, it will go to Parliament for final approval to make Mudra Bank operational, he said.
Mudra Bank, with a seed capital of Rs 250 crore, plans to finance MSMEs (micro, small and medium enterprises) to the tune of Rs 20,000 crore through banks by March.
Currently, the Mudra Bank has a seed capital of Rs 250 crore only. However, funds to meet the target of financing Rs 20,000 crore through banks to MSMEs will come from SIDBI, which owns Mudra entirely as of now, he said.
Mammen also said the financing plan worth Rs 20,000 crore will be part of the Rs 1 lakh crore MSME initiative under the Pradhan Mantri Mudra scheme.
Meanwhile, government-owned Dena Bank and MUDRA Bank signed a general refinance agreement to finance new entrepreneurs and small businesses.
To promote very small businesses, the Centre aims to facilitate credit of up to Rs 1 lakh crore under the MUDRA (Micro Units Development and Refinance Agency) scheme during the current financial year.
Dena Bank Chairman and MD Ashwani Kumar said the bank has already sensitised its field functionaries towards extending finance under the scheme. (KNN Bureau)
At Thursday's meeting to be held in New Delhi, the committee headed by Finance Ministry Joint Secretary Alok Tandon and comprising representatives of SIDBI, Nabard and the Indian Banks Association (IBA), among others, will discuss the draft Bill to set up the Mudra Bank, said Mudra Bank chief executive Jiji Mammen, who was in Mumbai to sign a general refinance agreement with the state-owned Dena Bank.
According to a media report, Mammen said Mudra Bank has already received a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI) and is registered under the Companies Act.
Once the draft is finalised, it will go to Parliament for final approval to make Mudra Bank operational, he said.
Mudra Bank, with a seed capital of Rs 250 crore, plans to finance MSMEs (micro, small and medium enterprises) to the tune of Rs 20,000 crore through banks by March.
Currently, the Mudra Bank has a seed capital of Rs 250 crore only. However, funds to meet the target of financing Rs 20,000 crore through banks to MSMEs will come from SIDBI, which owns Mudra entirely as of now, he said.
Mammen also said the financing plan worth Rs 20,000 crore will be part of the Rs 1 lakh crore MSME initiative under the Pradhan Mantri Mudra scheme.
Meanwhile, government-owned Dena Bank and MUDRA Bank signed a general refinance agreement to finance new entrepreneurs and small businesses.
To promote very small businesses, the Centre aims to facilitate credit of up to Rs 1 lakh crore under the MUDRA (Micro Units Development and Refinance Agency) scheme during the current financial year.
Dena Bank Chairman and MD Ashwani Kumar said the bank has already sensitised its field functionaries towards extending finance under the scheme. (KNN Bureau)
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