Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
Even if Mudra steps in to play its main role of refinancing at some stage, the responsibility for the bad loans remains with the banks.
Entrepreneurs to get support from the government
MUDRA Bank will have a corpus of Rs 20,000 crore.
IIM-B, professor R Vaidyanathan talks to Shobha Warrier about black money, Mudra Bank and Jaitley's Budget.
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
Mudra Bank being launched on April 8.
Bringing in the untapped informal sector into the formal one will benefit business.
Industry experts estimate that demand for loans from the sector outstrips supply by more than $80 billion.
Public sector banks (PSBs) have written off bad loans of about Rs 5.82 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2024-25, the loan write-off of PSBs was at Rs 91,260 crore, compared to Rs 1.15 lakh crore in the previous fiscal, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.
The government on Friday doubled the limit of Mudra loan amount under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh from Rs 10 lakh under a new 'Tarun Plus' category to promote entrepreneurship in the country.
Prime Minister Narendra Modi launched a sharp critique of the RJD, emphasizing the hardships faced by women in Bihar under its governance. He highlighted the current government's initiatives for women's empowerment and urged them to prevent the RJD's return to power.
Finance Minister Nirmala Sitharaman on Tuesday announced the doubling of the upper limit of Mudra loans to Rs 20 lakh to promote entrepreneurship in the country. "The limit of Mudra loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the 'Tarun category', she said while presenting the Budget in the Lok Sabha.
'Unless banks focus on the Rs 10-15 lakh loan segment, growing affordable housing will remain a challenge.'
The Reserve Bank of India (RBI) brass, including its Governor Sanjay Malhotra, on Tuesday told a Parliamentary panel that it was "optimistic" about the impact of the US tariffs on the Indian economy and, in long-run, it could benefit the country due to dipping trade relations between the US and China.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
Not only has the Mudra loan mela generated no jobs, it has frittered away trillions of taxpayers' money and it's time to bury the scheme, argues Debashis Basu.
Prime Minister Narendra Modi on Friday sounded the poll bugle in Bihar, where assembly elections are due this year, calling for 'an NDA government, once again', which would protect the state from the 'evil intentions' of the Rashtriya Janata Dal-Congress combine.
The Pradhan Mantri MUDRA Yojana can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs.
Multiple organisations of different kinds with overlapping goals would be a dream situation for those who believe in competition and innovation.
Inaugurating the Grameen Bharat Mahotsav, the Prime Minister exuded confidence that villages will play a key role in pushing forward the dream of Viksit Bharat by 2047.
The NDA govt launched the Mudra scheme to give unsecured loans of up to Rs 10 lakh to small enterprises with the objective to provide self-employment
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Pulbic banks have no reason to cheer Budget announcement.
He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
Farmers have suffered a lot on account of natural calamities.
Alipay payment service is about bringing the world's consumers and businesses together.
55 million people already in the social security net
The share of women employed in regular salaried jobs in urban India hit a fresh low in the January-March quarter (Q4) of 2023-24 (FY24). In the same period, the share of women engaged in self-employment went up. An analysis of the latest quarterly Periodic Labour Force Survey (PLFS) data showed the share of women in regular wage work among all employed women stood at 52.3 per cent in Q4FY24, down from 53 per cent in the previous quarter.
Bandhan Bank to fund SMEs, create jobs, says FM
There are about 5.7 crore small entrepreneurs.
Department of financial services secretary Sanjay Malhotra held a meeting with heads of PSBs, insurance companies and financial institutions for identifying ways to support Agniveers on completion of their tenure of duty.
Rural populations will get will get employment in the industrial corridors following amendments to the land acquisition bill.
Unless Dr Urjit Patel starts clearing the balance sheets of banks, the investment cycle will not start. Unless the clog in the drain is cleared, further lending cannot happen. If further lending doesn't happen, the investment cycle also will not happen, writes M R Venkatesh.
Banks are likely to cut rates even further, say finance minister Arun Jaitley.
Instructions were issued on holding loan camps in the last week of September.
As more companies ask their employees to return to office after the pandemic, the share of women employed in regular salaried jobs in urban India decreased from 54 per cent in the first quarter to 52.8 per cent in the second quarter of the current financial year, according to the quarterly Periodic Labour Force Survey (PLFS) data. The slump in the share is the lowest in wage employment in any quarter in the last six years when the National Statistical Office started releasing the quarterly PLFS surveys in Q3 of FY19. The share of women in wage work was highest in Q1 of FY21 at 61.2 per cent.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
Sub-divisional magistrate of Meerganj tehsil in Bareilly has been removed from his post after a video surfaced in which he is purportedly seen to have asked a man to squat in his office as a punishment.
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