Wed, Apr 08, 2015, 12:16 PM
Prime Minister Narendra Modi today launched MUDRA Bank under Pradhan Mantri Jan Dhan Yojana. This will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for 'Micro-Finance Institutions' (MFIs). "Big industrial houses provide jobs to only 1.25 crore people, while small entrepreneurs employ 12 crore people. MUDRA Bank aims to fund the unfunded small entrepreneurs; need to strengthen savings habit in the country," PM Modi said. He added that it will benefit 5.77 crore small business units and will also lay down responsible financing practices to ward off over indebtedness and ensure proper client protection principles.