The Government proposes to set up Micro Units Development and Refinance Agency (MUDRA) Bank for granting loans to small entrepreneurs. The Union Finance Minister in the Union Budget 2015-16 has announced to set up MUDRA Bank through a statutory enactment. A sum of Rs. 20,000 crore would be allocated to the MUDRA Bank from the money available from shortfalls of Priority Sector Lending for creating a Refinance Fund to provide refinance to the Last Mile Financers. Another Rs. 3,000 crore would be provided to the MUDRA Bank from the budget to create a Credit Guarantee corpus for guaranteeing loans being provided to the micro enterprises.
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