Mudra Yojana essay for Class 8, 9, 10, 11, 12 and College students. Find a paragraph, long and short essay on Mudra Yojana for Students.
Mudra Yojana Essay for Students
Mudra Yojana Essay 250 Words
Micro Units Development Refinance Agency (MUDRA) Scheme was launched on April 8th, 2015. The objective of this scheme is to support the entrepreneurs of the MSME sector. This Bank would be responsible for regulating and refinancing all MicroFinance Institutions (MFI) which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities. Micro-finance is an important tool in an economy like India where a million new workers are added to the workforce every month especially in small businesses. In 2013 NSSO Survey suggests that there are 5.77 crore small businesses like manufacturing, trading or services.
Shishu: covering loans up to Rs. 50,000/-
Kishor: covering loans above Rs. 50,000/- and up to Rs. 5 lakh
Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakh
These loans are given by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs. Frame policy guidelines for micro/small enterprise MFIs (Micro Finance Institutions), Registration of MFIs, Regulation of Mils, Promoting right technology solutions for problems faced by MFIs and borrowers, Supporting financial literacy. Ex-Bharat Finance, Ujjivan Finance, Equitas etc. Small entrepreneurs employ 12 crore people and face problems in getting financial assistance. More than 2.2 lakh crore loan has been disbursed so far (2017-18) Problems – Financial literacy, Fraud, Delay in processing, bank NPA.
Micro Finance is a potent tool for the development of the economy, enhancing the opportunity for income generation in India. Provision for checking NPA. Very critical for economic growth and job creation. This also promotes a rewards entrepreneurial ecosystem and a correct step towards a sustainable economy.
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