Mudra reports Rs 66 crore net profit in first year of operation

Micro Units Development & Refinance Agency (Mudra) on Monday reported a net profit of Rs 66 crore and an income of Rs 364 crore in the first year of its operations.

Mudra chairman Kshatrapati Shivaji said the company's net profit and deferred tax adjustments stood at Rs 65.93 crore while it transferred Rs 13.2 crore as statutory reserves, which is 20 per cent of its net profit as per the section 45-IC of the RBI Act of 1934.

The company's disbursals stood at Rs 3,287.25 crore against a sanction of Rs 3,733.25 crore to 16 banks, and 25 NBFCs and MFIs, he said.

During the year, its net worth, including Rs 750 crore that was subscribed by Sidbi, rose to Rs 813.2 crore as of March 2016, while its risk assets weighted ratio (CRAR) stood 83.46 per cent.

Describing the first year of operations as satisfactory in terms of refinance operations, Shivaji said Mudra enrolled 160 institutions -- 88 banks (27 public sector banks, 17 private ones, 31 regional rural banks, and 13 state/urban cooperatives banks, 46 MFIs and 26 NBFCs -- as partners for refinancing against their lending to MSMEs.

The company issued over 5.17 lakh Mudra Cards, which is Ru-Pay issued debit cards, through which customers have drawn Rs 1,476 crore as working capital loans during the year.

This year, it disbursed Rs 1,32,954.73 crore under the Pradhan Mantri Mudra Yojana, which provides Mudra loans up to Rs 10 lakh, thereby achieving 109 per cent of the target of Rs 1,22,188 crore for disbursement. Over 3.48 crore micro borrowers benefited through this during the year.