MUDRA loan campaign
Source: The Sangai Express

Imphal, September 25 2015 : To impart the benefits of Micro Unit Development and Refinancing Agency (MUDRA) scheme to public, Lead Bank, Imphal West district has organised a campaign meeting today at Hotel Imphal.

Sanction letters under MUDRA scheme were also distributed to 25 beneficiaries.

MUDRA loan scheme was first launched by the Prime Minister Narendra Modi on April 8 this year as "Pradhan Mantri MUDRA Yojana (PMMY)".

Under MUDRA loan scheme, there are three parts which have been named as 'Shishu', 'Kishor' and 'Tarun' to signify the stage of growth or development and funding needs of the beneficiary micro unit or entrepreneur and also to provide a reference point for the next phase of graduation or growth.

Shishu covers loans up to Rs 50,000, Kishor covers above Rs 50,000 to 5 lakh and Tarun covers loans above Rs 5 lakh to 10 lakh.

Loans under SHISHU category of MUDRA loans scheme being distributed during the programme

The scheme is conceptualized with an aim to provide hassle free financial assistance to the beneficiaries engaged in micro economic activities in non-farm sector like Non�Corporate Small Business Segment (NCSBS) comprising of millions of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits or vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.

Majority of such units do not have access to institutional finance.

Providing institutional finance to such micro units would turn them in to catalyst for growth of GDP and employment generation, which in turn will improve quality of life of these entrepreneurs and contribute substantially for job creation, stated MP Prahlad Singh Patel who attended the function as the chief guest.

The Union Government conceived the idea of establishing MUDRA loan to provide an opportunity for people and such scheme should not be termed as BJP created scheme.

The loan facilities is for everyone irrespective of their religion, caste or creed, he added.

Chairman of Manipur Rural Bank Prasanna Kumar Bal stated that the newly launched scheme will provide lots of opportunities to the people since it is different from loans provided by the other banks.

PK Das, AGM, United Bank of India, Imphal Branch has appealed to all borrowers to be responsible enough to repay the borrowed money in time and further avail other loans in future as well.

Lunkim Thangboi , AGM, SBI RBO, Imphal emphasized on the herculean task every bank has right now to meet the target set by the Government.

He urged the banks to be very careful while selecting beneficiaries and also urged the borrowers to inculcate the habit of repayment.

Banks in our State face lot of challenge as number of branches located in remote parts are cut off by frequent landslides and other adversities, he said.

To popularize the scheme and to speed up disbursement of MUDRA loans, Department of Financial Services, Union Ministry of Finance, Government of India has advised the heads of all the commercial banks and RRBs to launch a week-long campaign from September 25 to October 2 for disbursing loans under MUDRA scheme.

The campaign is also set to continue further in Imphal East, Bishnupur and Pallel.