Refinancing to public sector banks & MFIs so far this fiscal is Rs 1,500 cr: MUDRA CEO
Updated: Jan 14, 2016 03:44:10pm
Kolkata Jan 14 (KNN) Micro Units Development and Refinance Agency (MUDRA) which was set up to support development in an inclusive and sustainable manner and to create an ecosystem of growth for micro enterprises sector has refinanced Rs 1,500 crore to public sector banks and micro finance institutions (MFIs) so far this year.
Speaking to reporters on the sidelines of the Eastern India Microfinance Summit 2016 in Kolkata, the CEO of MUDRA Bank, Jiji Mammen said that in the first nine months since their inception, refinancing has been done to the tune of Rs 1,500 crore, mostly to public sector banks and MFIs, according to media reports.
Loans were disbursed by banks and MFIs under the Pradhan Mantri MUDRA Yojana (PMMY). Further, around Rs 800 crore has been refinanced to public sector banks.
Some of the refinanced banks include Bank of Maharashtra, Indian Overseas Bank and State Bank of Travancore.
The target for this fiscal year is Rs. 1.22 lakh, however, the disbursements of Rs 75,000 crore have been made till December last year under the PMMY scheme, according to Mammen.
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 Rs 50,000; Kishor loans between Rs 50,001 and Rs 5 lakh; and Tarun loans, Rs 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 Rs 3,000-crore Credit Guarantee Fund for these loans. (KNN Bureau)
Speaking to reporters on the sidelines of the Eastern India Microfinance Summit 2016 in Kolkata, the CEO of MUDRA Bank, Jiji Mammen said that in the first nine months since their inception, refinancing has been done to the tune of Rs 1,500 crore, mostly to public sector banks and MFIs, according to media reports.
Loans were disbursed by banks and MFIs under the Pradhan Mantri MUDRA Yojana (PMMY). Further, around Rs 800 crore has been refinanced to public sector banks.
Some of the refinanced banks include Bank of Maharashtra, Indian Overseas Bank and State Bank of Travancore.
The target for this fiscal year is Rs. 1.22 lakh, however, the disbursements of Rs 75,000 crore have been made till December last year under the PMMY scheme, according to Mammen.
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 Rs 50,000; Kishor loans between Rs 50,001 and Rs 5 lakh; and Tarun loans, Rs 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 Rs 3,000-crore Credit Guarantee Fund for these loans. (KNN Bureau)
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