State Bank of India started the Micro Units Development and Refinance Agency (Mudra Yojana) for the small entrepreneurs on Saturday. Giving the information regarding the benefits of Chief General Manager Ajit Sood of Patna Cicle said, “Micro Units Development and Refinance Agency Mudra Yojana will provide credit of up to Rs10 lakh to small entrepreneurs and act as a regulator
for ‘Micro-Finance Institutions’ (MFIs).”
Sood distributed sanction letter to 100 beneficiaries under Pradhan Mantri Mudra Yojna (PMMY), in a special camp organized at SBI’s administrative office building, altogether 600 beneficiaries were given sanction letters in the entire Ranchi Zone of SBI.
Citing the details about Mudra scheme Sood further said, “The main objective of this scheme is to encourage entrepreneurs and small business units to expand their capabilities and operations, to reduce over indebtedness and to provide formal system of credit (finance). Agriculture & Self-employment will be the focus areas of Mudra Yojana.”
“According to the scheme it has been proposed to fund the units based on the stage of growth and funding needs of an entrepreneur or a micro unit,” Sood further added.
Under ‘Shishu’ Scheme, loans up to Rs50,000 will be sanctioned. This is the first stage when the business is just starting up, Under ‘Kishore’ Scheme, loans above Rs50,000 and up to Rs5 lakh will be provided, Under ‘Tarun’ category, loan above Rs5 lakh and up to Rs10 lakh will be sanctioned to the people.
While giving the details of the other schemes like Pradhan Mantri Bima Suraksha Yojana (PMBSY), Jan Dhan Yojana, Atal Pension Yojana and various other social security schemes Sood clarified, “SBI is working towards the implementation of all these schemes and we have been getting very positive response from the people, as many as four lakhs people so far have availed the benefit of PMBSY.”
On the occasion, General Manager (Jharkhand) Kishore Kumar Das mentioned about the ongoing OTS (One Time Settlement Scheme) of the bank. Das said “those borrowers who could not repay his loans due to some genuine reasons like financial crisis, natural calamities can get advantage of the OTS compromise scheme by submitting application at the branch on or before October 31, 2015. The scheme provides full waiver of interest and rebate on outstanding from 10 to 30 per cent depending upon merit of the case. A mega lok Adalat will be organized by SBI on September 18 and 19, 2015 for success of the scheme.”