Kochi | The newly formed Micro Units Development and Refinance Agency (MUDRA) had already distributed Rs 24,000 crore of loans to over 40 lakh beneficiaries after the bank was formally inaugurated by Prime Minister Narendra Modi on April eight last, a top official of the bank disclosed today.
”Already Rs 24000 crore of loans have been distributed to over 40 lakh beneficiaries under the Pradhan Mantri Mudra Yojana (PMMY) scheme in a short span after inaugurating the bank by the Prime Minister on April 8, last,” Mudra Bank CEO Jiji Mammen told while participating a meet-the-press programme of the press club here.
The other major role of the bank was the introduction Mudra Cards, which meant to provide loans to small entrepreneurs in the country, he said three loan schemes were offered to the entrepreneurs based on their capacity to repay.
While ‘Shishu’ scheme provides loan up to Rs 50,000, a loan amount up to Rs five lakh would be lent under ‘Kishore’ scheme and ‘Tarun’ scheme, in which loan up to Rs 10 lakh would be offered, he said adding that as many as 40000 mudra cards had already been distributed within two months.
The current focus of the government was on Shishu category of micro loans, which encompass a range of small activities like shop-keepers, fruit sellers, vegetable vendors, mechanics, barbers, cobblers, small manufacturing units and a lot of other small service sector enterprises which borrow from money lenders and informal sources.
To promote the scheme, which aimed at to get loans with easy formalities from the banks to all those required, a credit camp would be made for eight days from September 28 to October eight, it was targeting to provide 25 lakh shishu loans to the tune of Rs 5000 crore, he said adding that it was fixed to open a minimum of 25 accounts in each bank, whether it is private, public and cooperative sector.
According to the cards, the beneficiaries could be able to withdraw cash and utilise for their business as per the bank agreements, he said and pointed out that the interest rate would be between ten and 12 per cent, as per the norms of the bank.
Of the disbursement of Rs 1.22 lakh crore, the public sector banks would disburse Rs 70,000 crore, followed by Rs 30000 crore by private banks and the remaining Rs 22000 crore by Regional banks like cooperative, gramin and other banks in the state.
Replying to a question, he said the loss of the bank in case of fault in repayment, the same compensated by the government’s credit guarantee fund of Rs 3000 crore.
Asked about the NPA of the country as on date, he said it is little high as it stood currently a between six to seven percent.