The MUDRA (Micro Units Development and Refinance Agency) card under the Pradhan Mantri MUDRA Yojana (PMMY) scheme was launched by the Corporation Bank on Saturday. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry of Finance, released the card.
Mr. Adhia presented the cards to a few customers in the presence of Corporation Bank CMD S.R. Bansal and Executive Director Bibhas Kumar Srivastav. The card facilitates the withdrawal and use of the working capital finance by micro entrepreneurs. Corporation Bank was the first bank to launch the MUDRA Card based on the RuPay platform, said a release from the bank.
Three loan schemes are offered to the entrepreneurs based on their capacity to repay. “Shishu” scheme provides loan up to Rs.50,000. while a loan amount up to Rs. 5 lakh will be lent under “Kishore” scheme. Under “Tarun” scheme loan up to Rs. 10 lakh will be offered.
Paperless PoSAs a part of the digital India programme of the Government of India, the bank also launched a high-tech paperless point of sales (PoS) terminal in association with MRL POSNET and the “Remit to India” portal for inward remittance by NRIs.
