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” Millions of common men and women of this country, who run small business, have almost remained outside the net of formal institutional finance, in spite of their large contribution to the economy. MUDRA is our innovation of funding the unfunded.”
Hon’ble Prime Minister, Shri Narendra Modi
“Madam Speaker, our government firmly believes that development has to generate inclusive growth. While large corporate and business entities have a role to play, this has to be complemented by informal sector enterprises which generate maximum employment. There are some 5.77 crore small business units, mostly individual proprietorship, which run small manufacturing, trading or service businesses. 62% of these are owned by SC/ST/OBC.These bottom-of-the-pyramid, hard-working entrepreneurs find it difficult, if not impossible, to access formal systems of credit. I, therefore, propose to create a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of 20,000 crore, and credit guarantee corpus of 3,000 crore.MUDRA Bank will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana. Just as we are banking the un-banked, we are also funding the un-funded.”
Shri Arun Jaitley, Hon’ble Finance Minister on February 28, 2015 in his budget speech.
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