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Mudra Bank

Mudra Bank
Mudra Bank

MUDRA BANK

Prime Minister Sh. Narender Modi had launched the Mudra Bank schemes to uplift weaker who were really helpless and banks policy and loan facility was really far form them because of collateral. PM Modi had understand all and clear the barrier of guarantee to apply a loan from bank.

During the budget session Mr. Arun Jaitley had announced about the mudra loan scheme. He announce three category Shishu, Kishore and Tarun and according to all three category applicant to get loan up to 10,00,000/-.

After launching the Mudra Bank Loan Scheme, SIDBI had authorised a nodal agency for Mudra loan scheme to setup policy & its execution. SIDBI made the policy and authorised the all banks and institutions to disburse mudra loan under PMMY.

Soon mudra loan has become the most popular schemes of India. Because of collateral free every one wish to try his luck and bank had received lakhs of applications within a month and bank was confused on implementation of mudra schemes because according to bank it was a risky loan.

After the implementation of Mudra schemes, banks were feeling the heat of that schemes and disbursing the mudra loan carefully because there would be much possibility to bad debts and maximum loan has defaulted till so.

Day by day defaulted money was increasing and because of that banks were not taking much interest to disburse loan. Complaints against banks had increased rapidly and election was ahead. Govt had set targets for mudra loan.

Due to pressure & heat bank had started to disburse loan under Shishu scheme only and stated to pay minimum amount which was around 20,000. Soon SBI has launched the e mudra scheme. Under that scheme anyone can apply Shishu loan online.

In the State Bank’s e mudra schemes several had applied for instant mudra. Under that scheme people were getting instant mudra loan amount in his/her SBI account. Several misused of mudra loan schemes and disappeared.

Now SBI has restrict the online mudra loan application and accepting request via online portal and disbursing loans offline after several checks & verifications.

Mudra schemes now has become a hurdles for banking system and stress for fund. Govt pressuring banks to disburse PMMY mudra loan but banks are hesitating because of huge default.

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