PM Narendra Modi to visit Dumka,flag off Mudra Bank Yojana in Jharkhand

By Abha Manakatala - Sun Sep 13, 11:50 am

Jharkhand Chief Minister Raghubar Das today underlined Mudra Bank Yojana and told the Bank Managers that any day between September 25 and October 2 when the PM arrives at Dumka,Narendra Modi will take forward Mudra Bank Yojana.

As it is,the Prime Minister Narendra Modi  had launched the promised Micro Units Development and Refinance Agency Ltd (MUDRA) Bank on 8 April, 2015 with a corpus of Rs 20,000 crore and a credit guarantee corpus of Rs 3,000 crore. The launch was the fulfillment of an announcement made earlier by the Finance Minister Arun Jaitley in his FY 15-16 Budget speech.

In fact,most individuals, especially those living in rural and interior parts of India, have been excluded from the benefits of formal banking system. Therefore, they never had access to insurance, credit, loans and other financial instruments to help them establish and grow their micro businesses.

 So, most individuals depend on local money lenders for credit. The loan comes at high interest and often with unbearable conditions, which make these poor unsuspecting people fall in a debt-trap for generations. When businesses fail, the borrowers become vulnerable to the lender’s strong-arm tactics and other forms of humiliation.

Against this backdrop of the Mudra Bank Yojana,Das said,

’By making the State has exploitation free society,we have to create exploitation free Jharkhand.The objective of Mudra Bank is to provide financial assistance to youth and educated-uneducated entrepreneurs so that they don’t fall prey to the middlemen and money lenders.The day PM Modi will have his function at Dumka,the same day a special camp will be organized in every district headquarter”,said the CM.

The CM said,the State wants the people associated with small scale business-commerce,who were self employed due to their traditional skill should not lag behind due to shortage of fund and instead become part of the country’s economic development”,said Das while reviewing the Prime Minister Mudra Bank Yojna along with Union Minister of State for Finance Jayant Sinha inside his official residence in Ranchi.

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