Referring to MUDRA (Micro Units Development and Refinance Agency), one of the most propagated financial inclusion schemes launched some two years back, as a ‘kranti’ or revolution, Union Minister of State for Civil Aviation Jayant Sinha has lauded the scheme as a great success.
Figures placed suggested that so far over eight crore persons looking for easy bank finances have been given bank credits to start their own business across the country involving Rs 2 lakh crore.
“The scheme has been like a kranti in making for the country and the success has made us very proud. For the first time any Government has thought for the poor people who have been given small credits without any collateral. The situation was completely opposite earlier when such people were ignored by banks,” said Sinha who was in the Finance Ministry when the scheme had seen the light of the day in April 2015 in order to facilitate micro financing.
Taking part in a ‘monetary promoting camp’ being organised at 50 places across the country besides here in Ranchi on Thursday, Sinha also furnished data that the scheme went on performing substantially well in Jharkhand since its inception.
“It has covered the State in good numbers. About five lakh families have been given loan under Mudra scheme amounting over Rs 2,450 crore. People have taken bank credits for e-rickshaws, opening boutiques, parlors, street-food kiosks, consumer stores and even for shoe repairing. The scheme has done great inclusion in terms of financing in all parts of the country,” said the Minister.
He, on the occasion, went on revealing about subtle modifications in the scheme to make it more accommodative and responsive in the days to come. “We are going to prepare a shield like structure for the loan seekers. With the help of NABARD the Government will not just give loan but entire packaging would be done covering all needs of the business to make sure it’s success. It is going to be a complete launch pad for the entrepreneurs. Also, we are moving for less-cash mode on digital platform through smart phones given to all self-help groups,” added Sinha.
Secretary (Expenditure) with Finance Department Satyendra Singh informed about measures taken for financial inclusion in the State. “We have opened over one crore bank accounts under PMJDY which has covered each family of Jharkhand with at least one bank account. About 25 lakh families have been covered under insurance schemes like PMJJY, Atal Pension Yojna and PM Suraksha Yojna. 86 per cent of bank accounts have been seeded with Aadhaar and 46 lakh Rupay cards have been issued,” said the official.
All major banks, under the SlBC umbrella, set up kiosks displaying their loan and social security scheme related products. Several beneficiaries under Mudra scheme and Standup India were provided loan.