MUDRA, which stands for Micro Units Development & Refinance Agency Ltd., is a financial institution established by the Government of India to develop and refinance small unit enterprises. It was announced by the Honorable Minister of Finance during the presentation of the Federation's Fiscal Year 2016 budget. The purpose of MUDRA is to provide financing to the non-corporate small business sector through various Last Miles financial institutions such as banks, NBFC corporations, and microfinance institutions.