Question
Download Solution PDFWhat does M stand for in MUDRA yojana?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- Micro stands for micro enterprises, which are the primary focus of the MUDRA (Micro Units Development and Refinance Agency) Yojana.
- MUDRA Yojana was launched by the Government of India to provide funding to the non-corporate, non-farm small/micro enterprises.
- The scheme aims to support the growth and development of micro-enterprises in India by providing financial assistance up to Rs. 10 lakh.
- MUDRA loans are categorized into three products: Shishu (covering loans up to Rs. 50,000), Kishor (covering loans above Rs. 50,000 and up to Rs. 5 lakh), and Tarun (covering loans above Rs. 5 lakh and up to Rs. 10 lakh).
- The initiative is aimed at promoting entrepreneurship and employment generation at the grassroots level.
Additional Information
- MUDRA Bank was established as a subsidiary of SIDBI (Small Industries Development Bank of India).
- The scheme also focuses on providing financial literacy and credit counseling to micro-entrepreneurs.
- MUDRA Yojana is part of the Pradhan Mantri MUDRA Yojana (PMMY), which was launched on 8th April 2015.
- It aims to achieve financial inclusion by extending credit to micro-businesses, which often face difficulties in accessing formal banking channels.
- The scheme has been instrumental in empowering women entrepreneurs and promoting inclusive growth.
Last updated on Jun 17, 2025
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