PM Narendra Modi launched the Rs 20,000 cr MUDRA Bank on April 8, 2015. When spelled out in full form MUDRA Bank is Micro Units Development Refinance Agency. Here are Some top points about the bank:
MUDRA Bank will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for ‘Micro-Finance Institutions’.
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The roles envisaged for MUDRA include laying down policy guidelines for micro enterprise financing business and registration of MFI entities as well as their accreditation and rating.
Among others, MUDRA would benefit small manufacturing units, shopkeepers, fruits and vegetable sellers, hair saloon, beauty parlours, truck operators, hawkers, artisans in rural and urban areas with financing requirements up to Rs 10 lakh. There are about 5.77 crore small business units.
MUDRA has a corpus of Rs 20,000 crore, and credit guarantee corpus of Rs 3,000 crore. The initial products and schemes that have been created have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit / entrepreneur.
Shishu would cover loans up to Rs 50,000 while Kishor above Rs 50,000 and up to Rs 5 lakh. Tarun category will cover loans of above Rs 5 lakh and up to Rs 10 lakh. MUDRA is to be set up through a statutory enactment. It would be responsible for developing and refinancing through Pradhan Mantri MUDRA Yojana.
MUDRA would also partner with state / regional level coordinators to provide finance to “Last Mile Financiers” of small / micro business enterprises. The proposal to establish Mudra Bank, an acronym for Micro Units Development and Refinance Agency, was first announced in the Union Budget in February.
Online marketplace, Snapdeal has acquired mobile recharge website FreeCharge. The monetary details of the acquisition have not been disclosed but Snapdeal claims the deal is one of the biggest acquisitions in the history of the internet industry in India.
Till date, the largest e-commer deal in the country was acquisition of Myntra by Flipkart for $300 million deal in May 2014. According to a press statement from the company, FreeCharge will continue to function as an independent platform and all aspects of FreeCharge’s shopping experience will remain intact. Snapdeal and FreeCharge will collaborate to offer a seamless shopping experience to customers across both the platforms, it adds. A mobile commerce platform that allows users to pay their mobile, DTH and utility bills across most major operators, FreeCharge claims to conduct 75 million mobile recharges in India daily.
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