Mangalore,july.05th: Dr. Hasmukh Adhia, IAS, Secretary, Dept. of Financial Services, Ministry of Finance, Govt. of India launched the First MUDRA card under the Pradhan Mantri MUDRA Yojana (PMMY) today at a function held in the Head Office of Corporation Bank, Mangalore. Shri. S R Bansal, Chairman and Managing Director and Shri. Bibhas Kumar Srivastav, Executive Director were present at the function wherein MUDRA Cards were given away to a few beneficiaries. The card facilitates the withdrawal and use of the working capital finance by Micro Entrepreneurs.
Corporation Bank is the first bank to launch the MUDRA Card based on the RuPay platform. “Pradhan Mantri MUDRA Yojana” [PMMY] aims to ‘fund the unfunded’ and ‘formalize the informal’ under non–farm Micro Units in manufacturing, trading and services with affordable credit up to Rs 10 lakh.
Under PMMY, three loan schemes are offered to the entrepreneurs based on their capacity to repay. “Shishu” scheme provides loan up to Rs.50,000/-. Loan Amount up to Rs.5 lakh will be lent under “Kishore” scheme and under “Tarun” Scheme Loan up to Rs.10 lakh will be offered.
As a part of the Digital India programme of the Government of India, the Bank also launched a high-tech paperless Point Of Sales (PoS) terminal in association with M/s MRL POSNET and the “Remit to India” portal for inward remittance by NRIs at the benign hands of Shri. Adhia.
Photo Caption: Dr. Hasmukh Adhia, IAS, Secretary, Dept. of Financial Services, Ministry of Finance, Govt. of India launching the First MUDRA Card in the presence of Shri. S R Bansal, Chairman and Managing Director and Shri. B K Srivastav, Executive Director and other executives of Corporation Bank.
