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Business EconomyPosted at: May 23 2018 8:06PM


GoI facilitates partnerships between MUDRA & industry to nurture new generation of small businesses

Mumbai, May 23 (UNI) A three way partnership for small business loans was sealed among lenders, industry and MUDRA Bank Limited here on Wednesday.
The process of coming together was facilitated by the Department of Financial Services, Ministry of Finance, Government of India.
Secretary, Financial Services, Rajiv Kumar informed the delegates of the seminar on Unleashing the power of Pradhan Mantri MUDRA Yojana - Creating Jobs and Entrepreneurship that this initiative builds upon the stupendous success of Pradhan Mantri MUDRA Yojana (PMMY) during
the last three years.
This year, MUDRA loans would focus on the value chain anchored by aggregators such as Oyo, Ola, Uber, Amazon, Flipkart, Meru, Carzonrent, Yatra, MakeMyTrip; service providers such as Swiggy, Zomato, Grab, Delhivery, Xpressbee, Loadshare; food giants such as Amul, Patanjali; industries such as Lava Mobile; franchisors such as Jawed Habib; Oil Marketing Companies such as Indian Oil and BPCL; retailers such as Big Basket; as well as associations such as Mumbai
Dabbawalas and cable operators.
Spread across different verticals, these entities have a common requirement for financing solutions for the members of their supply/value chains. Through their ease of access and collateral-free
nature, MUDRA loans are best suited to meet this need. Accordingly, various lenders such as public sector banks, private banks and NBFCs such as Hinduja Leyland Finance, Hero Fincorp, Shriram Finance, Muthoot Capital, Mahindra Finance, Tata Motors Finance, Bajaj Finance, TVS Credit, Edelweiss, L&T Financial Services and Kotak Prime have come together on the MUDRA platform to customized sub-products within the MUDRA rubric.
The reach of the initiative has been supplemented through the low-cost accident insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the low-cost life insurance scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY), offered by LIC.
Secretary, Financial Services, Rajiv Kumar said in his concluding remarks that ''the system being put in place today will be made robust in three months, and that the Government will be able to extend support to more unfunded and underserved micro-entrepreneurs through
this initiative.''
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