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Which Bank launched India's first MUDRA card under Pradhan Mantri Mudra Yojana?

Which Bank launched India's first MUDRA card under Pradhan Mantri Mudra Yojana? Correct Answer Corporation Bank

The correct answer is option 1 i.e. Corporation Bank.

  • State-owned Corporation Bank launched the first MUDRA Card for small enterprises under Pradhan Mantri Mudra Yojana (PMMY) in July 2015 at Mangaluru. 
  • MUDRA Bank
    • The Union Budget for FY 2015-16, announced the formation of MUDRA Bank and accordingly MUDRA (Micro Units Development and Refinance Agency Ltd.) was registered as a Company in March 2015 under the Companies Act 2013 and as a Non Banking Finance Institution with the RBI on 7 April 2015.
    • MUDRA has been initially formed as a wholly owned subsidiary of Small Industries Development bank of India (SIDBI)
    • MUDRA is an NBFC supporting development of micro enterprise sector in the country and provides refinance support to Banks/MFIs/NBFCs for lending to micro units and does not lend directly to the micro entrepreneurs/individuals. 
  • Pradhan Mantri MUDRA Yojana
    • PMMY was launched along with the launching of MUDRA  by PM in Delhi on 8 April 2015 and the detailed guidelines were issued by Government of India to all banks and MFIs.
    • PMMY is a scheme for providing loans up to ₹10 lakh to the non-corporate, non-farm small/micro enterprises.
    • These loans are classified as MUDRA loans under PMMY and are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.
    • The borrower can approach any of the lending institutions or can apply online.
    • Under the aegis of PMMY, MUDRA has created three products namely 'Shishu' covering loans upto ₹50,000, 'Kishore'  covering loans above ₹50,000 and upto ₹5 lakh and 'Tarun' covering loans above  ₹5 lakh and upto ₹10 lakh.

  • MUDRA was given the responsibility of monitoring the programme by collecting the information on regular basis.

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