Micro Units Development and Refinance Agency Bank - Wikipedia Micro Units Development and Refinance Agency Bank Not to be confused with Pradhan Mantri Mudra Yojana. Micro Units Development and Refinance Agency ( MUDRA ) Bank Native name मुद्रा बैंक Type Subsidiary Industry Business finance Founded 8 April 2015 ; 2 years ago ( 2015 - 04 - 08 ) Headquarters ( New Delhi ) Area served India Products Microfinance and refinance Website www.mudra.org.in Micro Units Development and Refinance Agency Bank ( or MUDRA Bank ) is a public sector financial institution in India. It provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs. It was launched by Prime Minister Narendra Modi on 8 April 2015. Contents 1 Overview 2 See also 3 References 4 External links Overview The formation of the agency was initially announced in the 2015 Union budget of India in February 2015. It was formally launched on 8 April. For non-retail businesses, the MUDRA scheme under SIDBI offers loans to SMEs and MSMEs but banks authorized to approve loans through the scheme mostly downplay any such requests. The MUDRA banks were set up under the Pradhan Mantri MUDRA Yojana scheme. It will provide its services to small entrepreneurs outside the service area of regular banks, by using last mile agents. About 5.77 crore ( 57.7 million ) small business have been identified as target clients using the NSSO survey of 2013. Only 4 % of these businesses get finance from regular banks. The bank will also ensure that its clients do not fall into indebtedness and will lend responsibly. The bank will have an initial capital of ₹ 200 billion ( US $3.1 billion ) and a credit guarantee fund of ₹ 30 billion ( US $470 million ). The bank will initially function as a non-banking financial company and a subsidiary of the Small Industries Development Bank of India ( SIDBI ). Later, it will be made into a separate company. However, it will not regulate Micro Finance institutions. The bank will classify its clients into three categories and the maximum allowed loan sums will be based on the category : Shishu ( शिशु ) : Allowed loans up to ₹ 50,000 ( US $780 ) Kishore ( किशोर ) : Allowed loans up to ₹ 5 lakh ( US $7,800 ) Tarun ( तरुण ) : Allowed loans up to ₹ 10 lakh ( US $16,000 ) Government has decided to provide an additional fund of ₹ 1 trillion ( US $16 billion ) to the market and will be allocated as 40 % to shishu 35 % to kishor 25 % to Tarun Those eligible to borrow from MUDRA bank are Small manufacturing unit Shopkeepers Fruit and vegetable vendors Artisans See also Small Industries Development Bank of India Financial inclusion References ^ Jump up to : `` MUDRA to help 5.7 crore very small businesses access cheaper finance ''. The Hindu Business Line. 8 April 2015. Archived from the original on 9 April 2015. Retrieved 9 April 2015. ^ Jump up to : `` Micro Units Development and Refinance Agency ( Mudra ) Bank ''. Press Information Bureau. 1 March 2015. Jump up ^ `` MUDRA Bank holds promise for MSME sector ''. The Hindu. 8 March 2015. Jump up ^ `` Small Business Loans - The Working Capital Angle ''. Lendingkart Blog. 26 April 2017. ^ Jump up to : `` 11 things you must know about Mudra Bank ''. DNA India. 8 April 2015. Pradhan Mantri Mudra Loan Scheme Details External links Official website Major Indian companies Economy of India List of companies of India Automotive Ashok Leyland Bajaj Auto Eicher Motors Hero MotoCorp Hindustan Motors Mahindra & Mahindra TAFE Tata Motors TVS Aerospace & Defence Bharat Electronics DRDO HAL Ordnance Factories Conglomerates Aditya Birla Adani Avantha Bajaj Bharti DCM Emami Essar Essel GMR Godrej GVK Hinduja ITC Jaypee Jindal Kirloskar JSW L&T Lanco Mahindra Muthoot Murugappa RP - Sanjiv Goenka Group Ramoji Reliance ADAG Reliance RPG Sahara Shapoorji Pallonji Sun Tata TVS Torrent UB Videocon Wadia J.K Indiabulls Civil Aviation Air India IndiGo Jet Airways SpiceJet GoAir Consumer Goods & Retail Britannia Industries Dabur Flipkart Future Group Godrej Consumer Hindustan Unilever ITC Nirma Reliance Retail Tata Global Beverages Patanjali Ayurved D - Mart Energy & Natural Resources Bharat Petroleum Cairn India Chennai Petroleum Coal India GAIL Essar Oil Hindustan Petroleum Indian Oil Corporation National Aluminum NHPC NMDC NLC NTPC Oil India ONGC Power Finance Power Grid RINL Reliance Infrastructure RECL SCI Vedanta Limited Suzlon Energy Tata Power MRPL Petronet LNG Finance Andhra Bank Axis Bank Bank of Baroda Bank of India Canara Bank Central Bank of India HDFC Bank ICICI Bank IDBI Bank ING Vysya Bank Jammu & Kashmir Bank Kotak Mahindra Bank LIC MUDRA Bank Muthoot Finance Ltd Punjab National Bank SBI Tamilnad Mercantile Bank Union Bank of India Yes Bank NABARD IBHFL Healthcare, Pharmaceutical & Biotech Aurobindo Pharma Cadila Healthcare Cipla Glenmark Pharmaceuticals Dr. Reddy 's IDPL IIL Lupin Sun Pharmaceutical Manufacturing & Heavy Industries ACC Ambuja Apollo Tyres Asian Paints Ltd Bengal Chemicals and Pharmaceuticals Bhushan BHEL DLF Gammon India Havells HCC Hindalco India Cements Jindal Steel JSW Mittal Steel Company MRF SAIL Tata Steel UltraTech Rajesh Exports MSSL Grasim IFFCO Bharat Forge Information technology HCL Technologies Infosys Tata Consultancy Services Tech Mahindra Wipro Media Sun Group The Times Group Living Media Zee Entertainment Enterprises Telecommunications Aircel Airtel BSNL Idea Cellular Jio Micromax Mobile MTNL Reliance Communications Tata Communications Benchmark : FY 2015 - 16 revenues of over US $ 1 billion Retrieved from `` https://en.wikipedia.org/w/index.php?title=Micro_Units_Development_and_Refinance_Agency_Bank&oldid=796305441 '' Categories : Financial services companies of India Small - scale industry in India Modi administration initiatives 2015 establishments in India Hidden categories : Use dmy dates from January 2016 Use Indian English from January 2016 All Wikipedia articles written in Indian English Talk Contents About Wikipedia हिन्दी മലയാളം தமிழ் Edit links This page was last edited on 19 August 2017, at 22 : 27. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: the size of credit guarantee fund in mudra
Answer: ₹30 billion (US$470 million