Printer Friendly

India : BANK OF MAHARASHTRA rolls out MUDRA CARD in NASHIK under a dedicated scheme.

The State-owned lender Bank of Maharashtra on Wednesday has introduced the MUDRA card as part of the Prime Minister Mudra Scheme intended for extending funds of as much as Rs 10 lakh to the small entrepreneurs in the country via debit cards.

Commenting on the newly launched card, the bank s Zonal Manager (Nashik Region) Prakash Mohanty revealed, "We have launched MUDRA debit card under the Pradhan Mantri Mudra Scheme to provide financial assistance to micro and small entrepreneurs to help them meet their working capital requirement.

The PSU lender has accomplished the roll out the MUDRA debit card on Wednesday.

Mr. Mohanty has further said that they will extend a maximum loan of Rs 10 lakh via the Mudra debit cards, without asking for security or guarantors from the Mudra loan applicants.

The basic interest for loans disbursed through the Mudra debit cards will be 10%.

As per the format, the Mudra debit card applicants will have to complete a single page application and then submit the same to the authorities concerned.

The official has disclosed that the micro or small entrepreneurs will be able to use the card to fulfill their needs for working capital.

Mr. Mohanty added, The cards can be used at ATMs to withdraw money. Our aim is to reach finance to the needy entrepreneurs to enable them to commence their business. This may be pan stalls or mobile shops."

As part of the Mudra debit card scheme, loan will be extended under three slabs of Shishu loan, Kishor loan and Tarun loan.

There will be distribution of a maximum loan of Rs 50,000 under the Shishu loan format, whilst the Kishor loan category will offer as much as Rs 5 lakh in loan. The micro and small entrepreneurs will have access to as much as Rs 10 lakh in loan as part of the Tarun loan model.

[c] 2015 Al Bawaba ( Provided by SyndiGate Media Inc. ( ).

COPYRIGHT 2015 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Sep 19, 2015
Previous Article:India : DIGITAL services platform launched by Hinduja.
Next Article:India : THIRD processing centre opened by Mahindra Auto Steel.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters