Question
Consider the given statements about MUDRA Bank:
(I) MUDRA stands for Mini Units Development & Restructure Agency. (II) MUDRA was launched by Prime Minister Narendra Modi in 2018. (III) The purpose of MUDRA is to provide funding to the non-corporate small business sector through Banks, NBFCs, and MFIs. Which of the above is/are correct?Solution
MUDRA stands for Micro Units Development & Refinance Agency Ltd. It is a financial institution set up by the Government of India for the development and refinancing of micro units' enterprises. - The Union Budget presented by the then Finance Minister Arun Jaitley for FY 2015-16 announced the formation of MUDRA Bank. - MUDRA was launched by Prime Minister Narendra Modi on 8th April 2015 at a function held at Vigyan Bhawan, New Delhi. - The purpose of MUDRA is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs, and MFIs.
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