Corporation Bank launched first MUDRA card under Pradhan Mantri MUDRA Yojana

The card is based on the RuPay platform and facilitates the withdrawal and use of the working capital finance by micro entrepreneurs.

Created On: Jul 6, 2015 10:00 ISTModified On: Jul 6, 2015 13:21 IST

Corporation Bank on 4 July 2015 launched country’s first MUDRA (Micro Units Development and Refinance Agency) card under the Pradhan Mantri MUDRA Yojana (PMMY) in Mangalore, Karnataka.

The card is based on the RuPay platform and facilitates the withdrawal and use of the working capital finance by micro entrepreneurs.

Under the PMMY, the bank launched three loan schemes-Shishu, Kishore and Tarun- to entrepreneurs based on their capacity to repay.

While Shishu scheme provides loan up 50000 rupees, an amount of up to 5 lakh rupees will be lent under the Kishore scheme. Under Tarun scheme loan up to 10 lakh rupees will be offered.

The Pradhan Mantri MUDRA Yojana (PMMY) was launched by PM Narendra Modi on 8 April 2015 under the Pradhan Mantri Jan Dhan Yojana (PMJDY) to ensure credit facility to small entrepreneurs through Micro-Finance Institutions (MFIs).

Corporation Bank is one of the oldest banks in India that was founded in 1906. At present, Sadhu Ram Bansal is the Chairman and Managing Director of the bank.

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